New York Security Deposit Law: 14-Day Rule Under GOL § 7-108
What is the 14-day rule for security deposits in New York?
Under New York General Obligations Law Section 7-108, landlords must return security deposits and provide an itemized deduction statement within 14 calendar days after the tenant moves out. Failure to comply within 14 days results in the total forfeiture of the landlord's right to retain any portion.
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.