New York S 3164: Relates to permitting lessees the option to pay security deposits in installments

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S03164 Summary:

BILL NOS03164 

&nbsp

SAME ASSAME AS A01964

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §7-103, Gen Ob L

&nbsp

Relates to permitting lessees the option to pay security deposits in six or fewer equal installments.

Go to top S03164 Actions:

BILL NOS03164 

&nbsp

01/24/2025REFERRED TO JUDICIARY

01/07/2026REFERRED TO JUDICIARY

Go to topS03164 Committee&nbspVotes:

Go to topS03164 Floor&nbspVotes:

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

Go to topS03164 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3164

 2025-2026 Regular Sessions

 IN SENATE

 January 24, 2025
 ___________

 Introduced by Sen. BAILEY -- read twice and ordered printed, and when
 printed to be committed 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 such tenant's 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.
 LBD05231-01-5

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps