New York A 4355: Authorizes a public retirement system, mutual fund, or other institutional investor to bring actions for damages sustained due to violations of the Martin Act

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A04355 Summary:

BILL NOA04355 

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SAME ASNo Same As

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SPONSORTapia

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COSPNSR

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MLTSPNSR

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Add §7-104, Gen Ob L

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Requires landlords to return the full security deposit and any accrued interest to which the tenant is entitled less any amount retained by the landlord within 21 days of the end of the lease.

Go to top A04355 Actions:

BILL NOA04355 

&nbsp

02/04/2025referred to judiciary

01/07/2026referred to judiciary

Go to topA04355 Committee&nbspVotes:

Go to topA04355 Floor&nbspVotes:

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

Go to topA04355 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4355

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 4, 2025
 ___________

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

 AN ACT to amend the general obligations law, in relation to requiring
 landlords to return security deposits within a reasonable time

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

 1 Section 1. The general obligations law is amended by adding a new
 2 section 7-104 to read as follows:
 3 § 7-104. Money deposited or advanced for use or rental of any dwell-
 4 ing; retention. 1. Definitions. For the purpose of this section:
 5 (a) The term "security deposit" shall mean any advance or deposit of
 6 money that is subject to the provisions of section 7-103 of this title,
 7 and the primary function of which is to secure the performance of a
 8 rental agreement for the use or rental of any dwelling or any part ther-
 9 eof.
 10 (b) The term "landlord" shall mean any person who receives payment
 11 from a tenant for the rental or use of any dwelling or any portion ther-
 12 eof and has received a security deposit in connection with such rental.
 13 (c) The term "tenant" shall mean any person who occupies any dwelling
 14 or any portion thereof for which they pay rent and who, in connection
 15 with such rental, has furnished a security deposit.
 16 2. No security deposit for a dwelling shall exceed more than two
 17 months' rent.
 18 3. A month prior to the expiration of the lease, the landlord shall
 19 notify all tenants that they have the option to conduct a pre-exit walk-
 20 through with the landlord to document any and all damages, as well as a
 21 post-exit walk-through with the landlord to document any damages caused
 22 while moving out that may impact the value of the security deposit. The
 23 post-exit walk-through cannot be after the last day of the lease.
 24 4. A landlord shall, within twenty-one days of the end of the lease,
 25 return to the tenant the full security deposit and any accrued interest

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00208-01-5

 A. 4355 2

 1 to which the tenant is entitled less any amount retained by the landlord
 2 under subdivision five of this section.
 3 5. (a) A landlord may retain all or a part of a security deposit for
 4 nonpayment of rent, use and occupancy, unjustifiable abandonment of the
 5 premises prior to the expiration of the lease term, nonpayment of utili-
 6 ty charges, repair work or cleaning contracted by the tenant or damages
 7 caused by the tenant to the premises.
 8 (b) (i) In the event that the landlord retains any portion of the
 9 security deposit, they shall provide the tenant with a written statement
 10 listing the reasons for the retention of such portion of the security
 11 deposit within twenty-one calendar days after the lease expired.
 12 (ii) The written statement shall include photographic documentation
 13 for all reasons for retention regarding damages by the tenant to the
 14 dwelling and a detailed itemized receipt of repair for such damage. The
 15 itemized receipt shall include proof of the cost for the repair of any
 16 listed damage on said receipt. The itemized receipt shall also include
 17 proof of the payment in full by the landlord for the cost of the repair.
 18 If the landlord or landlord's employee did not do the repair work, the
 19 landlord shall provide the tenant a copy of the paid bill, paid invoice,
 20 or receipt showing payment in full, supplied by the person or entity
 21 perfo