Relates to the amount of security deposit that a landlord may charge a tenant; prohibits landlords from requiring a security deposit in excess of an amount equal to two months' rent.
STATE OF NEW YORK
________________________________________________________________________
6517
2019-2020 Regular Sessions
IN ASSEMBLY
March 8, 2019
___________
Introduced by M. of A. CYMBROWITZ -- read once and referred to the
Committee on Judiciary
AN ACT to amend the general obligations law, in relation to the amount
of security deposit that a landlord may charge a tenant
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 7-108 of the general obligations
2 law is amended by adding a new paragraph (f) to read as follows:
3 (f) Except in instances where statutes or regulations provide for a
4 lesser payment, fee, deposit or charge, no landlord, lessor, sub-lessor
5 or grantor may demand any payment, fee, deposit, or charge, including,
6 but not limited to, any payment, fee, deposit, or charge that is imposed
7 at the beginning of the tenancy to be used to reimburse the landlord for
8 costs associated with processing a new tenant or that is imposed as an
9 advance payment of rent, used or to be used for any purpose, including a
10 security deposit, in an amount or value in excess of an amount equal to
11 two months' rent, including the first month's rent.
12 § 2. This act shall take effect on the ninetieth day after it shall
13 have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09998-02-9
