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NY A06696
Bill
Status
Introduced
3/6/2025
Primary Sponsor
Latrice Walker
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AI Summary
- Modifies how landlords can charge administrative fees on tenant security deposits held in interest-bearing accounts
- Limits landlord administrative expenses to 20% of the interest earned on security deposits annually, with a cap of 1% of the total deposit amount per year
- Requires remaining interest earned on security deposits to be held in trust for the tenant or paid to them annually
- Mandates that security deposits be placed in banking organizations with a location within New York State
- Takes effect on January 1 following enactment
Legislative Description
Provides that a landlord depositing security deposits in an interest bearing account shall be entitled to receive as administration expenses a sum equivalent to 20 percent of the interest earned by such security money per annum, but not to exceed one percent per annum of the money so deposited.
Last Action
referred to judiciary
1/7/2026
Committee Referrals
Judiciary3/6/2025
Full Bill Text
No bill text available