New York State Assembly

 
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A04396 Summary:

A04396 Actions:

A04396 Committee Votes:

Committee:JUDICIARY   Chair:Lavine      
DATE:05/19/2021AYE/NAY:15/6  Action: Favorable refer to committee Rules        
Lavine
Aye
Montesano
Nay
Zebrowski
Aye
Norris
Nay
Weprin
Aye
Walsh
Nay
Braunstein
Aye
Byrnes
Nay
Quart
Aye
Brown
Nay
Steck
Aye
Tannousis
Nay
Seawright
Aye
Joyner
Aye
Abinanti
Aye
Wallace
Aye
Walker
Aye
Cruz
Aye
McMahon
Aye
Mitaynes
Aye
Rajkumar
Aye

Committee:RULES   Chair:Gottfried      
DATE:05/25/2021AYE/NAY:21/8  Action: Favorable         
Heastie
Excused
Barclay
Nay
Gottfried
Aye
Hawley
Nay
Nolan
Excused
Giglio
Nay
Weinstein
Aye
Blankenbush
Nay
Pretlow
Aye
Norris
Nay
Cook
Aye
Montesano
Nay
Glick
Aye
Ra
Nay
Aubry
Aye
Brabenec
Nay
Englebright
Aye
Dinowitz
Aye
Colton
Aye
Magnarelli
Aye
Perry
Aye
Paulin
Aye
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Aye

A04396 Floor Votes:

A04396 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4396
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 4, 2021
                                       ___________
 
        Introduced by M. of A. WALKER -- read once and referred to the Committee
          on Judiciary
 
        AN ACT to amend the general obligations law, in relation to tenant secu-
          rity deposit accounts
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 2 of section 7-103 of the  general  obligations
     2  law,  as  amended by chapter 402 of the laws of 1979, is amended to read
     3  as follows:
     4    2. Whenever the person receiving money so deposited or advanced  shall
     5  deposit such money in a banking organization, such person shall thereup-
     6  on notify in writing each of the persons making such security deposit or
     7  advance,  giving  the  name  and  address of the banking organization in
     8  which the deposit of security money is made,  and  the  amount  of  such
     9  deposit.  Deposits  in a banking organization pursuant to the provisions
    10  of this subdivision shall be made in a  banking  organization  having  a
    11  place  of business within the state. If the person depositing such secu-
    12  rity money in a banking organization shall deposit same in  an  interest
    13  bearing  account,  [he]  such  person  shall  be entitled to receive, as
    14  administration expenses, a sum  equivalent  to  twenty  percent  of  the
    15  interest  earned  by such security money per annum, but no more than one
    16  [per cent] percent per annum [upon] of the security money so  deposited,
    17  which  shall  be  in  lieu  of  all  other  administrative and custodial
    18  expenses. The balance of the interest paid by the  banking  organization
    19  shall be the money of the person making the deposit or advance and shall
    20  either  be held in trust by the person with whom such deposit or advance
    21  shall be made, until repaid or applied for the  use  or  rental  of  the
    22  leased  premises,  or  annually paid to the person making the deposit of
    23  security money.
    24    § 2. This act shall take effect on the first of January next  succeed-
    25  ing the date on which it shall have become a law.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07884-01-1