A00440 Summary:

BILL NOA00440
 
SAME ASSAME AS S03504
 
SPONSORRosenthal L
 
COSPNSRSimon, Jean-Pierre, Pichardo, Gottfried, Hyndman, Cruz, Colton, Darling, Frontus, De Los Santos
 
MLTSPNSRHevesi, Manktelow, McDonough
 
Amd 7-103, Gen Ob L
 
Relates to permitting lessees the option to pay security deposits in six or fewer equal installments.
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A00440 Actions:

BILL NOA00440
 
01/06/2021referred to judiciary
01/05/2022referred to judiciary
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A00440 Committee Votes:

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A00440 Floor Votes:

There are no votes for this bill in this legislative session.
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A00440 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           440
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 6, 2021
                                       ___________
 
        Introduced  by  M.  of  A. L. ROSENTHAL, DE LA ROSA, SIMON, JEAN-PIERRE,
          PICHARDO,  GOTTFRIED,  HYNDMAN,  CRUZ,  COLTON,  DARLING,  FRONTUS  --
          Multi-Sponsored  by  --  M. of A. HEVESI, MANKTELOW, McDONOUGH -- read
          once and referred 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  his  or  her  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.
                                                                   LBD00542-01-1
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