Skip to main content
DRAFT FOR ATTORNEY REVIEW — NOT FINAL

§ 1805

Citation
§ 1805
Parent Document
Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)
Jurisdiction
California (state)
Effective Date
2002-01-03

Other Sections in This Document (232)

Full Text

526 chars
The security deposit law in the State of New York provides an apt example. It does not specify a particular rate of interest but requires that landlords give tenants the interest paid by the bank. The landlord serves as a mere intermediary in the process. Under the statute, the landlord is entitled to keep 1 percent per year as compensation for administrative and custodial expenses. (N.Y. Gen. Oblig. Law § 7-103(2) (McKinney 2001).) The statute further states: “The balance of the interest paid by the banking organization