Is it against the law to not give a tenant information on the interest bearing account they put your security deposit in?

Get Legal Help Today

 Secured with SHA-256 Encryption

Is it against the law to not give a tenant information on the interest bearing account they put your security deposit in?

What legal actions can be taken against a landlord if the information about the account have not been provided to the tenant?

Asked on August 22, 2012 under Real Estate Law, New York

Answers:

Mark Siegel / Law Office of Mark A. Siegel

Answered 8 years ago | Contributor

NY General Obligations Law § 7-103 governs security deposits on rental property & provides in relevant part as follows:

"§ 7-103. Money  deposited  or  advanced  for  use  or  rental  of real property; waiver void; administration expenses. 

...2. Whenever the person receiving money so deposited or advanced shall deposit such money in a banking organization, such person shall thereupon notify in writing each of the persons making such security deposit or advance, giving the name and address of the banking
organization in which the deposit of security money is  made, and the amount of such deposit. Deposits in a banking organization pursuant to the provisions of this subdivision shall be made in a  banking organization having a place of business within the state. If the person depositing such security money in a banking organization shall deposit same in an interest bearing account, he shall be entitled to receive, as
administration expenses, a sum equivalent to one per cent per annum upon the security  money so deposited, which shall be in lieu of all other administrative and custodial expenses. The balance of the interest paid by the banking organization shall be the money of the person making the deposit or advance and shall either be held in trust by the person with whom such deposit or advance shall be made, until repaid or applied for the use or rental of the leased premises, or annually paid to the person making the deposit of security money..."

You should prepare a formal letter to your landlord & request that he comply with NY General Obligations Law § 7-103 by providing you, in writing, with the name and address of the banking organization in which the deposit of security money is made, and the amount of such deposit.

Your letter should be sent by USPS certified mail, return receipt requested & an additional copy should be sent by regular 1st class mail with a "certificate of mailing". (If the landlord refuses to claim/sign for your certified letter & it's ret'd to you as unclaimed, the additional copy will still be delivered to his mailbox & you will have proof of mailing because you paid for a "certificate of mailing".

 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption