New York General Obligations Law §7-108, amended by HSTPA in 2019, caps residential security deposits at one month's rent statewide and requires the landlord to return the deposit, with itemized deductions, within fourteen days after the tenant moves out.
Under NY GOL §7-108, a residential landlord cannot collect more than one month's rent as a security deposit. Demanding additional 'last month' or pet deposits beyond that ceiling is unlawful. Landlords must offer a pre-move-out inspection and provide an itemized statement of any damage deductions. The deposit and itemization must be returned within fourteen days of the tenant vacating, or the landlord forfeits the right to retain any portion. Bad-faith retention exposes the landlord to punitive damages of up to twice the deposit. Deposits must be held in a New York bank, separate from the landlord's accounts, with interest passed through on buildings of six or more units.
Failure to return the deposit within 14 days forfeits any deduction claim. Bad-faith retention exposes the landlord to up to twice the deposit as punitive damages, plus the wrongfully held funds.
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