New York A 629: Relates to establishing the tenancy deposit protection program

Bill Text

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A00629 Summary:

BILL NOA00629 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRosenthal (MS)

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COSPNSRSimon, Colton, Cruz, Raga, Shrestha

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MLTSPNSRManktelow, McDonough

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Amd §14, Pub Hous L; amd §7-103, Gen Ob L

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Relates to establishing the tenancy deposit protection program; requires the commissioner of housing and community renewal to establish a program to hold security deposits in third-party accounts and create a dispute resolution process regarding the withholding of security deposits.

Go to top A00629 Actions:

BILL NOA00629 

&nbsp

01/08/2025referred to housing

01/07/2026referred to housing

Go to topA00629 Committee&nbspVotes:

Go to topA00629 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA00629 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 629

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by M. of A. ROSENTHAL, SIMON, COLTON, CRUZ, RAGA -- Multi-
 Sponsored by -- M. of A. MANKTELOW, McDONOUGH -- read once and
 referred to the Committee on Housing

 AN ACT to amend the public housing law and the general obligations law,
 in relation to establishing the tenancy deposit protection program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 1 of section 14 of the public housing law is
 2 amended by adding a new paragraph (y) to read as follows:
 3 (y) administer the tenancy deposit protection program pursuant to
 4 section 7-103 of the general obligations law.
 5 § 2. Section 7-103 of the general obligations law, as amended by chap-
 6 ter 1009 of the laws of 1970, subdivisions 2 and 2-a as amended by chap-
 7 ter 402 of the laws of 1979, is amended to read as follows:
 8 § 7-103. Money deposited or advanced for use or rental of real proper-
 9 ty; [waiver void; administration expenses] tenancy deposit protection
 10 program. 1. [Whenever money shall be deposited or advanced on a contract
 11 or license agreement for the use or rental of real property as security
 12 for performance of the contract or agreement or to be applied to
 13 payments upon such contract or agreement when due, such money, with
 14 interest accruing thereon, if any, until repaid or so applied, shall
 15 continue to be the money of the person making such deposit or advance
 16 and shall be held in trust by the person with whom such deposit or
 17 advance shall be made and shall not be mingled with the personal moneys
 18 or become an asset of the person receiving the same, but may be disposed
 19 of as provided in section 7-105 of this chapter.] There shall be estab-
 20 lished within the division of housing and community renewal a tenancy
 21 deposit protection program.
 22 2. [Whenever the person receiving money so deposited or advanced shall
 23 deposit such money in a banking organization, such person shall thereup-
 24 on notify in writing each of the persons making such security deposit or
 25 advance, giving the name and address of the banking organization in
 26 which the deposit of security money is made, and the amount of such

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02218-01-5

 A. 629 2

 1 deposit. Deposits in a banking organization pursuant to the provisions
 2 of this subdivision shall be made in a banking organization having a
 3 place of business within the state. If the person depositing such secu-
 4 rity money in a banking organization shall deposit same in an interest
 5 bearing account, he shall be entitled to receive, as administration
 6 expenses, a sum equivalent to one per cent per annum upon the security
 7 money so deposited, which shall be in lieu of all other administrative
 8 and custodial expenses. The balance of the interest paid by the banking
 9 organization shall be the money of the person making the deposit or
 10 advance and shall either be held in trust by the person with whom such
 11 deposit or advance shall be made, until repaid or applied for the use or
 12 rental of the leased premises, or annually paid to the person making the
 13 deposit of security money.
 14 2-a. Whenever the money so deposited or advanced is fo