New York A00629 establishes a tenancy deposit protection program to hold security deposits in third-party accounts and create a dispute resolution.

New York A00629 amends the public housing law and the general obligations law to establish a tenancy deposit protection program. This program requires the commissioner of housing and community renewal to hold tenant security deposits in third-party accounts, with interest accruing. It mandates that landlords must agree with tenants on any withholding of deposits, specifying the amount and reasons. The program also includes a dispute resolution service for disagreements over withheld deposits, which both parties must agree is binding.

New York A00629 establishes a tenancy deposit protection program to hold security deposits in third-party accounts and create a dispute resolution.

New York A00629 amends the public housing law and the general obligations law to establish a tenancy deposit protection program. This program requires the commissioner of housing and community renewal to hold tenant security deposits in third-party accounts, with interest accruing. It mandates that landlords must agree with tenants on any withholding of deposits, specifying the amount and reasons. The program also includes a dispute resolution service for disagreements over withheld deposits, which both parties must agree is binding.