What does N.Y. GOL § 7-103 address?
Covered deposits earn the prevailing local rate, subject to a 1%-of-security annual administration amount. Open the current official text to check coverage, definitions, and exceptions for your situation.
N.Y. GOL § 7-103: Covered deposits earn the prevailing local rate, subject to a 1%-of-security annual administration amount
Compare this New York source with your dates, records, and the conditions that apply to your rental.
Reviewed: 2026-08-11
How sources are checked →Deadline context
14 days
Possible remedy
Forfeiture; up to 2x deposit for willfulness
What the cited source addresses
Covered deposits earn the prevailing local rate, subject to a 1%-of-security annual administration amount.
Read the current official sectionHow to review this source with your facts
- Capture all dates and documents tied to this statutory requirement.
- Read the current official text, coverage, exceptions, and definitions.
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Frequently asked questions
Questions to compare with the current source before using the citation in a letter or filing.
How long does a New York landlord have to return the deposit?
14 days after tenant vacates (14 days).
Could a penalty or other remedy apply?
Late itemization forfeits retention; a willful violation may support punitive damages up to 2x the deposit. Check the source's required facts, conditions, notices, defenses, and remedy language before relying on it.
Next steps
Check the current source, calculate the relevant dates, and organize the records you may reference.