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LandlordTenantNewYork.com is New York's leading supplier of NY Lease Forms, security deposit receipts, nonpayment notices, holdover notices, eviction petitions and more. All of our forms reflect the latest developments in New York landlord tenant law - guaranteed! If you have questions, feel free to give us a call: ph (212) 382-0060.
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LANDLORD/TENANT LAW


Name Change Law and Procedures
A tenant should be given a receipt for the security deposit that he or she has paid to a landlord.
 
Receipt for Security Deposit and Advance Rent Payment, New York
     (Immediate Download, MSWord Format)
$10.95

Security Deposits Under New York Law

Almost every lease requires tenants to give the landlord a security deposit. Most New York State landlords are required by law to place these deposits in interest-bearing accounts. However, there are exceptions.

All landlords in New York State, regardless of the number of units in their building, must treat security deposits as trust funds belonging to their tenants. They can't mix the deposits with their own money.

However, they are only required to place the deposit in an interest-bearing account if the building has six or more units. In those cases, the landlord is required to provide the tenant with the name and address of the bank and tell the tenant how much interest the security deposit earns each year.

The landlord should credit the tenant the full amount of annual interest, less a maximum of 1% of the security deposit per year for the administrative costs. For example, if a tenant makes a $400.00 security deposit and the deposit generates $10 in interest per year, then the landlord can keep only $4-1% of the $400 deposit.

If the building has fewer than six units, the landlord is not required to put security deposits in interest-bearing accounts. But if the landlord does so voluntarily, then he must follow the same rules as owners of properties with six or more units.


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LandlordTenant NewYork.com has been a leading supplier of New York landlord tenant forms since 1999. We are conveniently located at One Penn Plaza, Suite 2430, directly above Penn Station in Midtown Manhattan. Questions? Give us a call: (212) 382-0060. We are owned and operated by New York Landlord Tenant Attorney Marc Rapaport and his team of lawyers and paralegals. Each form on this website reflects Marc's two decades of experience representing landlords and tenants in New York.