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A02240 Summary:

BILL NOA02240
 
SAME ASNo Same As
 
SPONSORPretlow
 
COSPNSR
 
MLTSPNSR
 
Add S235-h, RP L
 
Limits the amount of security deposit for residential rental premises which may be charged to a senior citizen who has occupied the premises for five years or more to the equivalent of one month's rent and entitles a person who has attained the age of sixty-two to a refund of that portion of any security deposit held by the landlord which exceeds one month's rent.
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A02240 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A2240
 
SPONSOR: Pretlow
  TITLE OF BILL: An act to amend the real property law, in relation to entitling senior citizens to a refund of the portion of a security deposit exceeding one month's rent   PURPOSE: This proposal limits the amount of residential rental securi- ty deposit which may be charged to senior citizens who have occupied the same premises for five years, entitles a resident who attains the age of sixty-two during the term of occupancy to receive a refund of that portion of the security deposit in excess of one month's rent.   SUMMARY OF PROVISIONS: Amends the real property law by adding a new g235-g to provide that no landlord may charge more than the equivalent of one month's rent as a security deposit for residential rental prem- ises occupied by any tenant who has attained the age of sixty-two years or older and who has occupied the premises for five or more years. Further provides that any tenant, upon attaining sixty-two years of age during the term of occupancy, shall be entitled to a refund of that portion of any security deposit held by the landlord in excess of one month's rent.   JUSTIFICATION: This proposal is designed to provide a measure of financial relief to senior citizens who are required to pay in excess of one month's rent as a security deposit. Since senior citizens are typi- cally low-risk, dependable tenants, limiting the amount of security they must pay, or providing a partial refund, will not expose the landlord to any substantial loss.   LEGISLATIVE HISTORY: A.585 2013-14 referred to judiciary A.2394 2011/2012 referred to judiciary A.4405 2009/2010 referred to judiciary A.797 of 1997/98: reported - third reading of calendar A.1587 of 1995/96: reported to rules A.8369 of 1993/94. S.7177/A.6138-1999-00- Referred to Aging in Senate and Passed Assembly   FISCAL IMPLICATIONS:; None to the state.   EFFECTIVE DATE: This act shall take effect Immediately.
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