Is it against the law to not give a tenant information on the interest bearing account they put your security deposit in?
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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 11 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".
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