Extends the timeline for the return of security deposits for residential rental agreements from fourteen days to thirty days

This bill changes New York law to extend the deadline for landlords to return security deposits from 14 to 30 days after a tenant moves out. Landlords must now provide a written explanation for any retained deposit and return the remaining balance within 30 days. If they fail to meet this new deadline, they forfeit the right to keep any portion of the deposit. The bill directly affects residential tenants and landlords in New York state.