New York A07072 limits security deposits for senior citizens to one month's rent and allows refunds for excess deposits.

New York A07072 amends the real property law to restrict the amount of security deposit landlords can charge senior citizens to the equivalent of one month's rent. This applies to tenants aged sixty-two or older who have lived in the premises for five years or more. Additionally, the bill entitles individuals who reach the age of sixty-two during their tenancy to a refund for any portion of the security deposit that exceeds one month's rent, provided they notify the landlord. The changes take effect immediately upon enactment.

New York A07072 limits security deposits for senior citizens to one month's rent and allows refunds for excess deposits.

New York A07072 amends the real property law to restrict the amount of security deposit landlords can charge senior citizens to the equivalent of one month's rent. This applies to tenants aged sixty-two or older who have lived in the premises for five years or more. Additionally, the bill entitles individuals who reach the age of sixty-two during their tenancy to a refund for any portion of the security deposit that exceeds one month's rent, provided they notify the landlord. The changes take effect immediately upon enactment.