On Thursday, Gov. Andrew Cuomo signed into effect New York State Executive Order No. 202.28, which impacts the handling of security deposits as well as evictions, foreclosures, and late fees through at least June 6, 2020. We’re working now to understand how Rhino can best assist our partners and renters as we uncover more about the extent of these changes. The changes relevant to security deposit requirements include:
- Renters can request that their property owner put their security deposit toward rent already in arrears or that will become due.
- If a deposit is used toward rent, renters will have 90 days to begin the process of replenishing the deposit, either through a payment plan or by using a deposit insurance alternative, which the owner must accept.
- No landlord may charge a late fee for rent payments from March 20, 2020 — August 20, 2020
We will provide updates over the next few days as we continue to receive more information about what’s to come and how we can continue to serve our customers.