S 952: Requires that the entire amount of a rental deposit or advance be refundable to the tenant upon the tenant's vacating of the premises except for an amount lawfully retained for non-payment of rent or utilities, damage caused by the tenant, or storage costs; requires landlord to provide an itemized statement of damages and to return the balance of the deposit within 14 days; requires that tenant be given the opportunity to inspect the rental premises prior to signing a lease; allows a grantee or assignee of the leased premises to demand that an escrow account be opened.
The bill aims to protect tenants' security deposits in rent-stabilized dwelling units. It requires grantors and assignors to hold security deposits for a minimum of one month's rent, and to return any remaining portion of the deposit to the tenant within 14 days after the tenant vacates the premises. Landlords must provide tenants with an itemized statement specifying the basis for any deductions from the deposit, and the tenant has the right to request an inspection before vacating the premises. The bill also limits the liability of grantors and assignors for security deposits, and provides that any agreement waiving or modifying tenant rights under this section is void.<br>The law will take effect 30 days after it becomes a law and will apply to any lease or rental agreement or renewal of a lease or rental agreement entered into on or after that date.
| Oct. 16, 2025 | SIGNED CHAP.436 |
| Oct. 09, 2025 | DELIVERED TO GOVERNOR |
| May. 27, 2025 | returned to senate |
| May. 27, 2025 | passed assembly |
| Apr. 30, 2025 | substituted for a6423a |
STATE OF NEW YORK ________________________________________________________________________ 952 2025-2026 Regular Sessions IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. KAVANAGH -- 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 making rent stabilized dwelling units eligible for certain protections The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The section heading and subdivision 1 of section 7-108 of 2 the general obligations law, as amended by section 25 of part M of chap- 3 ter 36 of the laws of 2019, are amended to read as follows: 4 Deposits made by tenants of [non-rent stabilized] dwelling units. 1. 5 This section shall apply to all dwelling units in residential premises[,6unless such dwelling unit is specifically referred to in section 7-1077of this title]. 8 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02363-01-5