Permits lessees to pay security deposits in six or fewer equal installments.

New York S03164 amends the general obligations law to allow lessees the option to pay security deposits in six or fewer equal installments. This applies to leases of one year or longer, with no additional fees or interest allowed by landlords. Any agreement for installment payments must specify the total deposit amount and the amount due for each installment. Violations of this provision are subject to a civil fine of up to fifteen percent of the annual rent.

Permits lessees to pay security deposits in six or fewer equal installments.

New York S03164 amends the general obligations law to allow lessees the option to pay security deposits in six or fewer equal installments. This applies to leases of one year or longer, with no additional fees or interest allowed by landlords. Any agreement for installment payments must specify the total deposit amount and the amount due for each installment. Violations of this provision are subject to a civil fine of up to fifteen percent of the annual rent.