Quote:
Originally Posted by STT Resident
States differ on this but in NYC I believe this only applies to landlords renting out six or more units in the same building.
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True, but only for the deposit being placed in an interest-bearing account. For ANY landlord in NYC, the security deposit must be stored at a banking institution that has a location within the state of New York. The deposit must not be commingled with any personal money of the landlord and the landlord must not attempt to use the money from the security deposit as if it is his or her own. Once a landlord deposits a tenant’s security deposit in a banking institution, the landlord must notify the tenant in writing. This written notice must include the name of the bank, the address of the bank, and the total amount of money deposited.
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