4% on Secruity Deposit

This question pertains to New York state. According to a friend of mine there is a law that went into effect around 2001 entitling a tenant to earn 4% of the interest accrued on the security deposit. I tried locating such a law online but could not find anything.


I am asking if there is in fact a law regarding a tenant’s right to earn 4% interest on either the security deposit or actual rent charged? I would appreciate any assistance.


Moving thread from IMHO to General Questions.

Ok Thanks. I’ll send this to my friend.