New York requires landlords to disclose details about the security deposit. Specifically, the statute requires that deposits not be comingled with landlord’s personal assets, but does not explicitly require placement in a banking institution (however, deposits collected in buildings of six or more units must be placed in New York bank accounts). (N.Y. Gen. Oblig. Law §§ 7-103 to 7-108)
Check the New York statute (N.Y. Gen. Oblig. Law §§ 7-103 to 7-108) for details on these disclosures. See the Laws and Legal Research section of Nolo for advice on finding and reading statutes and court decisions.
Also, check your local ordinance, particularly if your rental unit is covered by rent control or rent stabilization, for any city or county disclosure requirements. To find yours, check your city or county website (many are listed on State and Local Government on the Net), or contact the office of your mayor, city manager, or county administrator.
Finally, see the Required Landlord Disclosures article for details on federally-required landlord disclosures and other information on disclosures about the rental property.