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

New York S04856 amends the general obligations law to extend the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days. Within this period, landlords must provide tenants with an itemized statement indicating the basis for the amount of the deposit retained, if any, and return any remaining portion of the deposit. If a landlord fails to provide the statement and deposit within thirty days, they forfeit any right to retain any portion of the deposit. This act takes effect immediately.

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

New York S04856 amends the general obligations law to extend the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days. Within this period, landlords must provide tenants with an itemized statement indicating the basis for the amount of the deposit retained, if any, and return any remaining portion of the deposit. If a landlord fails to provide the statement and deposit within thirty days, they forfeit any right to retain any portion of the deposit. This act takes effect immediately.