New York A01964 allows tenants to pay security deposits in six or fewer equal installments.

New York A01964 amends the general obligations law to allow tenants to pay security deposits in six or fewer equal installments. Installments must be due on the first of each subsequent month until the deposit is paid in full. This option applies to leases of one year or longer. Landlords are prohibited from imposing additional fees or interest on tenants who choose this payment method. Violation of these provisions results in a civil fine of up to fifteen percent of the annual rent.

New York A01964 allows tenants to pay security deposits in six or fewer equal installments.

New York A01964 amends the general obligations law to allow tenants to pay security deposits in six or fewer equal installments. Installments must be due on the first of each subsequent month until the deposit is paid in full. This option applies to leases of one year or longer. Landlords are prohibited from imposing additional fees or interest on tenants who choose this payment method. Violation of these provisions results in a civil fine of up to fifteen percent of the annual rent.