Extends the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days.

New York Assembly Bill A02652 amends the general obligations law to extend the timeline for landlords to return security deposits from fourteen days to thirty days after a tenant vacates a residential rental property. The landlord must provide an itemized statement explaining any deductions from the deposit. If the landlord fails to return the deposit and statement within thirty days, they forfeit the right to retain any portion of the deposit. This change aims to provide tenants with more time to receive their security deposits back.

Extends the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days.

New York Assembly Bill A02652 amends the general obligations law to extend the timeline for landlords to return security deposits from fourteen days to thirty days after a tenant vacates a residential rental property. The landlord must provide an itemized statement explaining any deductions from the deposit. If the landlord fails to return the deposit and statement within thirty days, they forfeit the right to retain any portion of the deposit. This change aims to provide tenants with more time to receive their security deposits back.