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NY A06423
Bill
Status
3/4/2025
Primary Sponsor
Micah Lasher
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AI Summary
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Limits security deposits for rent-stabilized units to one month's rent and requires the full deposit be refundable except for unpaid rent, unpaid utilities, tenant-caused damage beyond normal wear and tear, or moving/storage costs
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Requires landlords to offer tenants a pre-occupancy inspection and execute a written agreement documenting existing defects or damages, which prevents landlords from retaining deposit amounts for conditions noted in the agreement
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Mandates landlords notify tenants of their right to request an exit inspection 1-2 weeks before tenancy ends, provide an itemized statement of proposed deductions, and allow tenants the opportunity to cure any issues
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Requires landlords to return the deposit balance with an itemized statement within 14 days of the tenant vacating; failure to comply results in forfeiture of the right to retain any portion of the deposit
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Establishes that landlords bear the burden of proof for deposit deductions in disputes, and willful violations may result in punitive damages up to twice the deposit amount
Legislative Description
Requires that the entire amount of a rental deposit or advance be refundable to the tenant upon the tenant's vacating of the premises except for an amount lawfully retained for non-payment of rent or utilities, damage caused by the tenant, or storage costs; requires landlord to provide an itemized statement of damages and to return the balance of the deposit within 14 days; requires that tenant be given the opportunity to inspect the rental premises prior to signing a lease; allows a grantee or assignee of the leased premises to demand that an escrow account be opened.
Last Action
substituted by s952b
4/30/2025