S03164 Summary:
| BILL NO | S03164 |
| SAME AS | SAME AS A01964 |
| SPONSOR | BAILEY |
| COSPNSR | |
| MLTSPNSR | |
| Amd §7-103, Gen Ob L | |
| Relates to permitting lessees the option to pay security deposits in six or fewer equal installments. | |
S03164 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 3164 2025-2026 Regular Sessions IN SENATE January 24, 2025 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to permitting lessees the option to pay security deposits in installments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 7-103 of the general obligations law is amended by 2 adding a new subdivision 2-c to read as follows: 3 2-c. For any deposit or advance under this section, the person making 4 such deposit or advance shall have the option to pay such deposit or 5 advance in installments. 6 (a) Such installments shall be due on the first of each subsequent 7 month until the deposit or advance is paid in full. 8 (b) For leases under this section of a term of one year or longer, 9 tenants shall be allowed to pay not more than six consecutive and equal 10 installments. 11 (c) Landlords shall not impose any additional fees or interest on a 12 tenant that pays such tenant's security deposit or advance under this 13 subdivision. 14 (d) Any agreement to pay a security deposit in installments shall be 15 included within such contract or agreement and shall specify the total 16 deposit amount due and the amount due for each installment. 17 (e) This subdivision shall apply to any deposit, advance or non-re- 18 fundable fee used as a down payment for use of rental property. 19 (f) Any person who violates the provisions of this subdivision shall 20 be punished by a civil fine of up to fifteen percent of the annual rent 21 under such contract or agreement. 22 § 2. This act shall take effect on the sixtieth day after it shall 23 have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05231-01-5