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Bill

Bill

S 3164

A bill to require a briefing on increasing procurement of strategic and critical materials from sources in the United States.

119th Congress Introduced by Elissa Slotkin

Bill S 3164 allows tenants to pay security deposits in installments, easing financial burdens and improving housing access for low- to moderate-income families.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 3164

Summary of Bill S 3164

Bill Overview

  • Bill Number: S 3164
  • Title: Relates to permitting lessees the option to pay security deposits in installments
  • Status: Referred to Judiciary
  • Introduced On: January 24, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill S 3164 is to provide flexibility for lessees (tenants) regarding the payment of security deposits. This legislation aims to alleviate the financial burden on tenants by allowing them to pay their security deposits in installments rather than as a lump sum. This change is intended to make renting more accessible, particularly for individuals and families who may struggle to gather a large upfront payment.

Key Provisions

  • Installment Payments: The bill allows lessees the option to pay their security deposits in multiple installments. The specific terms of these installments, including the number of payments and the timeline for payment, would be defined in the lease agreement.
  • Lease Agreement Requirements: Landlords would be required to include the installment payment option in lease agreements, ensuring that tenants are aware of their choices.
  • Regulatory Oversight: The bill may establish guidelines for how these installment payments are to be structured, ensuring fairness and transparency in the process.

Impact

  • Affected Parties:

    • Lessees (Tenants): This bill primarily benefits tenants who may find it challenging to pay a full security deposit upfront. It aims to reduce barriers to housing access.
    • Landlords: Landlords will need to adapt their lease agreements to accommodate this new payment option, which may require additional administrative considerations.

  • Housing Accessibility: By allowing installment payments, the bill seeks to promote greater housing accessibility, particularly for low- to moderate-income individuals and families.

Procedural Aspects

  • Legislative Action: As of January 24, 2025, the bill has been referred to the Judiciary Committee for further consideration. The timeline for subsequent actions, including potential hearings or votes, will depend on the committee's schedule.

Related Legislation

  • Prior Session Bills:
    • S 3026
    • S 3504
    • S 1773
  • Companion Bill: A 1964

This summary provides an overview of Bill S 3164, highlighting its intent to ease the financial burden of security deposits on tenants and the implications for both tenants and landlords. Further developments will depend on the legislative process as the bill moves through the Judiciary Committee.

Compiled from official sources — confirm details with the bill’s official record.

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