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Bill

A 1964

Relates to permitting lessees the option to pay security deposits in installments

2025 Regular Session Introduced by William Colton and 5 co-sponsors

Bill A 1964 allows tenants to pay security deposits in installments to increase housing affordability.

REFERRED TO JUDICIARY
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WeVote Research Nonpartisan
Bill Summary · A 1964

Summary: Bill A 1964 — Relates to permitting lessees the option to pay security deposits in installments

An overview of the bill intended to allow tenants (lessees) to pay security deposits in installments rather than in a single upfront payment.

Purpose and intent

  • The bill aims to increase housing affordability and accessibility by permitting lessees to satisfy security deposit requirements through installment payments.
  • By enabling installments, tenants who may struggle with a large upfront deposit would have an alternative payment option.

Key provisions (as currently available)

  • The core provision: authorize lessees to pay security deposits in installments.
  • Specific terms (e.g., installment schedule, duration, interest, late fees, NSF penalties, default remedies, eligibility criteria, or required written agreements) are not detailed in the information provided. The enacted text would specify these terms.

Who would be affected

  • Primary: Tenants/lessees who would have the option to pay security deposits over time.
  • Landlords/owner-operators and property managers who collect security deposits and administer rental agreements.
  • The bill could influence how security deposits are evaluated, documented, and enforced in landlord-tenant relationships.

Status and procedural posture

  • Introduced: January 14, 2025.
  • Current status: REFERRED TO JUDICIARY (Assembly).
  • Legislative actions listed: two parallel entries on 2025-01-14 noting the referral to Judiciary.
  • Related and companion measures:
    • Primary sponsor: Linda Rosenthal
    • Cosponsors: Alicia Hyndman, Jo Anne Simon, William Colton, Catalina Cruz, Manny De Los Santos
    • Related prior-session bills: A 4785, A 440, A 761
    • Companion Senate bill: S 3164 (listed as companion)
  • Next steps for the bill (not specified in the current record): will require action by the Judiciary committee, potential amendments, and movement through the full Assembly and Senate (or further legislative steps) before any enactment.

Potential impacts and considerations

  • Tenant perspective: Greater flexibility and reduced barrier to securing housing that requires a security deposit.
  • Landlord perspective: Potential changes in cash flow timing and risk management; may require new processes to collect installments and documentation to ensure compliance.
  • Implementation questions that typically accompany such a bill (to be resolved in the final text):
    • How installments are calculated and scheduled (start date, due dates, number of payments).
    • Whether deposits remain the property of the landlord or are held separately.
    • Protections for both parties (e.g., impact on eviction triggers, return of deposits at end of tenancy).
    • Any cap, limit, or conditions on eligibility for installment payments.

Plain-language takeaway

Bill A 1964 seeks to normalize paying security deposits in installments, offering tenants a potentially more affordable path to securing housing. The exact mechanics and safeguards would be defined in the final statutory text, and the measure remains in the Judiciary committee stage as of the latest action.

If you’d like, I can track upcoming committee actions or provide a comparison with the related bills (A 4785, A 440, A 761, S 3164) for alignment and potential differences.

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

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