New York A02023 proposes a cap on security deposits for residential leases of one year or longer, limiting it to one month's rent.

New York A02023 amends the general obligations law to establish a cap on security deposits for residential leases lasting one year or longer, setting the limit to the equivalent of one month's rent under the lease. The bill also specifies that fees for common household pets, background checks, and credit checks must be included within this cap. If a landlord requests a pet deposit, it cannot exceed 25% of the total deposit or advance. Any other move-in fee is capped at 10% of the total deposit or advance. Additionally, fees for background checks and credit checks are refundable to the tenant.

New York A02023 proposes a cap on security deposits for residential leases of one year or longer, limiting it to one month's rent.

New York A02023 amends the general obligations law to establish a cap on security deposits for residential leases lasting one year or longer, setting the limit to the equivalent of one month's rent under the lease. The bill also specifies that fees for common household pets, background checks, and credit checks must be included within this cap. If a landlord requests a pet deposit, it cannot exceed 25% of the total deposit or advance. Any other move-in fee is capped at 10% of the total deposit or advance. Additionally, fees for background checks and credit checks are refundable to the tenant.