Establishes security deposit options for tenants, including installment payments and reduced deposits.

The bill amends the real property law to offer tenants alternatives to traditional security deposits. Landlords must provide tenants with options to pay any deposit or advance over six equal monthly installments, pay a reduced security deposit of no more than fifty percent of one month's rent, or pay a deposit through a department of social services grant program. Additionally, landlords may accept rental security insurance as an alternative to a security deposit. The bill prohibits landlords from imposing additional fees or interest on tenants who choose alternate payment methods.

Establishes security deposit options for tenants, including installment payments and reduced deposits.

The bill amends the real property law to offer tenants alternatives to traditional security deposits. Landlords must provide tenants with options to pay any deposit or advance over six equal monthly installments, pay a reduced security deposit of no more than fifty percent of one month's rent, or pay a deposit through a department of social services grant program. Additionally, landlords may accept rental security insurance as an alternative to a security deposit. The bill prohibits landlords from imposing additional fees or interest on tenants who choose alternate payment methods.