New York A10984 amends the general obligations law to set interest rates for deposits related to rental properties with six or more units.
New York A10984 modifies the general obligations law to specify that interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units must be deposited in an interest-bearing account in a banking organization within the state. The interest rate should match the prevailing rate earned by similar deposits in the area. This change aims to ensure fair interest earnings for such deposits.
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