New York A 10984: Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units

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A10984 Summary:

BILL NOA10984 

&nbsp

SAME ASNo Same As

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SPONSORRosenthal

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COSPNSR

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MLTSPNSR

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Amd §7-103, Gen Ob L

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Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units.

Go to top A10984 Actions:

BILL NOA10984 

&nbsp

04/14/2026referred to judiciary

Go to topA10984 Committee&nbspVotes:

Go to topA10984 Floor&nbspVotes:

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

Go to topA10984 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10984

 IN ASSEMBLY

 April 14, 2026
 ___________

 Introduced by M. of A. ROSENTHAL -- read once and referred to the
 Committee on Judiciary

 AN ACT to amend the general obligations law, in relation to interest on
 money deposited or advanced for the rental of property from an aggre-
 gate portfolio of six or more rental units

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

 1 Section 1. Subdivision 2-a 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-a. Whenever the money so deposited or advanced is for the rental of
 5 property containing six or more family dwelling units or for the rental
 6 of property which is included in an aggregate portfolio of six or more
 7 units, the person receiving such money shall, subject to the provisions
 8 of this section, deposit it in an interest bearing account in a banking
 9 organization within the state which account shall earn interest at a
 10 rate which shall be the prevailing rate earned by other such deposits
 11 made with banking organizations in such area.
 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.
 LBD15462-01-6

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