§ 7-103

Citation: § 7-103
Parent Document: N.Y. Gen. Oblig. Law § 7-103
Jurisdiction: New York (state)
Original Source: https://www.nysenate.gov/legislation/laws/GOB/7-103 ↗

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2-a. Whenever the money so deposited or advanced is for the rental of
property containing six or more family dwelling units, the person
receiving such money shall, subject to the provisions of this section,
deposit it in an interest bearing account in a banking organization
within the state which account shall earn interest at a rate which shall
be the prevailing rate earned by other such deposits made with banking
organizations in such area.

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