N.Y. Comp. Codes R. & Regs. tit. 9 § 1642-5.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 1642-5.3 - Collections and deposits

(a) If provision is made on the form of tenant's receipt for collections of both rent and security deposits (see Exhibit 21 of Appendix S-8), it will not be necessary to issue separate receipts for the collection of security deposits. Reconciliation of security deposit collections shall be made daily. Procedures with respect to safeguarding of funds, making up of deposits, etc. described in connection with rent collections (see § 1642-4.3, subd. [d]) apply with equal force to security deposit collections.

(b) Security deposits should be separately deposited in a security deposits fund bank account. In some situatitons, however, as where all moneys received at a project office are deposited in the administration fund account, the security deposits fund account being maintained by a central office, it will be permissible to deposit security deposits, in the first instance, in the administration fund. In such instances, however, a separate deposit ticket, clearly marked "Security Deposits", should be made out. Provision for the segregation, accumulation and control of security deposit collections has been made in the tenants charge and credit book (Exhibit 25, Appendix S-8). If security deposit collections have been mingled, in the first instance, with the other collections, the amount collected shall be transferred at the end of each month by a check drawn on the administration fund to the security deposits fund.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1642-5.3