Extends the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days.
Summary
This bill amends New York’s General Obligations Law to extend the deadline for landlords to return residential security deposits and provide an itemized statement from 14 days to 30 days after a tenant vacates the premises. The underlying requirement remains the same: landlords must explain any deductions and return the balance of the deposit, if any, within the statutory period.
If a landlord does not provide the statement and remaining deposit within the new 30-day window, the landlord forfeits the right to keep any portion of the deposit. The bill takes effect immediately and would apply to residential rental agreements governed by the existing security deposit statute.
Impact
The bill changes section 7-108 of the General Obligations Law by lengthening the time landlords have to complete the security deposit accounting and refund process for residential tenancies. It does not alter the substantive grounds for withholding deposit funds, but it gives landlords an additional 16 days to inspect the unit, calculate deductions, and issue the required itemized statement. Tenants would still retain the same protection that failure to comply results in forfeiture of the landlord’s right to retain any part of the deposit.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a straightforward tenant-landlord procedural change rather than a highly controversial proposal. The bill’s sponsor likely views the longer deadline as a practical adjustment for landlords, while tenants may see it as a modest delay in receiving money that is often needed after moving. Because no transcripts or vote history are provided, there is no documented public opposition or support to characterize beyond the bill’s neutral, administrative nature.
Contention
The main point of contention is likely the tradeoff between administrative flexibility for landlords and faster return of funds for tenants. Landlords may argue that 14 days is too short to complete inspections, obtain repair estimates, and prepare accurate statements, especially in complex turnovers. Tenants and tenant advocates may object that extending the deadline from 14 to 30 days delays access to money that can be important for relocation costs and may weaken the prompt-return protections already in law.
Limits security deposits to one month's rent; 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.
Reduces the period of notice required to be given when a written demand for rent is served on a tenant after the tenant has defaulted in the payment of rent and the period of notice to be given serving a warrant issued pursuant to a final judgment of eviction from fourteen days to seven days.