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Re: Security Deposit in Interest-bearing Account

Posted by Mark Smith on July 28, 1999 at 12:08:28:

In Reply to: Security Deposit in Interest-bearing Account posted by Gwen on July 28, 1999 at 10:17:43:

If they building contains six or more rental units, the security deposit must be placed in an interest-bearing account [General Obligations Law 7-103].


: Does anyone have any info on laws (if they indeed exist) pertaining to a landlord's obligation to maintain security deposit in an interest-bearing account? I reside in NYC, borough of Queens... Landlord claims he's never heard of this. Please help!


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