New York A 2023: Relates to a cap on security deposits for residential leases of one year or longer

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A02023 Summary:

BILL NOA02023 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRosenthal (MS)

&nbsp

COSPNSRSimon, Colton, Cruz, Raga

&nbsp

MLTSPNSRManktelow, McDonough

&nbsp

Amd §7-103, Gen Ob L

&nbsp

Relates to a cap on security deposits for residential leases of at least one year to the equivalent of one-month's rent under the lease.

Go to top A02023 Actions:

BILL NOA02023 

&nbsp

01/14/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA02023 Committee&nbspVotes:

Go to topA02023 Floor&nbspVotes:

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

Go to topA02023 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2023

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 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 Judiciary

 AN ACT to amend the general obligations law, in relation to a cap on
 security deposits for residential leases of one year or longer

 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. (a) For all contracts under this section of one year or longer,
 4 any deposit or advance shall not exceed the amount of one month's rent
 5 under such contract.
 6 (b) Any additional move-in fees, including fees for common household
 7 pets, background checks or credit checks, shall be included within the
 8 dollar amount required by paragraph (a) of this subdivision. If the
 9 landlord requests a deposit for the residing of a common household pet
 10 from the tenant, such fee shall not exceed twenty-five percent of the
 11 total deposit or advance. Any other move-in fee shall not exceed ten
 12 percent of the total deposit or advance.
 13 (c) All fees under this section, except fees for background checks and
 14 credit checks, shall be refundable to the tenant. The portion of any fee
 15 collected by the landlord for a tenant's common household pet shall only
 16 be retained by the landlord after the tenant has vacated the premises if
 17 such money is used for cleaning or to repair damages caused directly by
 18 such pet.
 19 (d) 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.
 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.
 LBD05426-01-5

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