New York Security Deposit Law: 14-Day Rule Under GOL § 7-108

New York General Obligations Law § 7-108

Under the landmark Housing Stability and Tenant Protection Act of 2019 (HSTPA), New York enacted sweeping statutory protections for residential tenants governing security deposits under N.Y. General Obligations Law § 7-108.

The Strict 14-Day Return Mandate

Under GOL § 7-108(1-e), within 14 calendar days after the tenant has vacated the premises, the landlord must provide the tenant with an itemized statement indicating the basis for the amount of the deposit retained, if any, and return any remaining portion of the deposit.

Complete Forfeiture of Deduction Rights

Crucially, the New York statute contains a strict automatic forfeiture penalty: "If a landlord fails to provide the tenant with the statement and deposit within fourteen days, the landlord shall forfeit any right to retain any portion of the deposit."

Double Punitive Damages for Willful Violations

Any person who violates the provisions of GOL § 7-108 may be liable for actual damages, plus punitive damages of up to twice the amount of the deposit for a willful violation.