New York A06696 allows landlords to receive up to 20% of interest earned on tenant security deposits as administrative expenses, not exceeding 1% of.

New York A06696 amends the general obligations law to allow landlords who deposit tenant security deposits into interest-bearing accounts to receive a sum equivalent to 20 percent of the interest earned per annum as administrative expenses. This amount cannot exceed one percent per annum of the deposited money. The remaining interest belongs to the tenant and can be held in trust, repaid, or paid annually. The act takes effect on January 1 of the year following its enactment.

New York A06696 allows landlords to receive up to 20% of interest earned on tenant security deposits as administrative expenses, not exceeding 1% of.

New York A06696 amends the general obligations law to allow landlords who deposit tenant security deposits into interest-bearing accounts to receive a sum equivalent to 20 percent of the interest earned per annum as administrative expenses. This amount cannot exceed one percent per annum of the deposited money. The remaining interest belongs to the tenant and can be held in trust, repaid, or paid annually. The act takes effect on January 1 of the year following its enactment.