The 1970 amendment would have little impact if it were to apply to the occasional tenant moving in for the first time. The amendment should be liberally construed. It should not be read to limit its effectiveness to new money given to landlord for security purposes after September 1, 1970. The history of the statute is indicative of the fact that, from its very inception, its objective was to protect the tenant in the area of security deposits. This has been emphasized by virtue of the fact that over the years the legislative trend has been in the direction of tightening this protection.
To limit the amendatory statute solely to new money would give a narrow reading to the statute and defeat its purpose to provide that all security deposits held by landlord shall be placed in an interest-bearing account beginning September 1, 1970. The statute, though enacted several months prior thereto, was to afford a landlord an adequate opportunity to transfer deposits into interest-bearing bank accounts.
It may be the fact that some landlords are receiving derivative benefits from banks as a result of maintaining the security deposits in noninterest-bearing accounts. The fact that such a practice may exist does not create in the landlord a property or a vested right in such derivative benefits.
The asserted economic hardship in affecting landlord’s credit in the banks where such noninterest deposits are maintained is irrelevant. The Legislature provided that 1% interest be given to landlord for the administrative work in connection with such deposits. It need not have done so.
In any event, there is no proof that respondents here are adversely affected by the transfer of the security deposits into interest-bearing accounts.