Relates to permitting lessees the option to pay security deposits in installments

This bill allows tenants in New York to pay security deposits in up to six equal monthly installments for leases lasting one year or longer. Landlords cannot charge extra fees or interest for this payment option, and the installment terms must be clearly written into the rental agreement. The law requires the total deposit amount and each installment payment to be specified upfront in the contract. Violations by landlords could result in civil fines up to 15% of the annual rent.