**Sorry that this answer is a long one.
1-a. Whenever the money so deposited or advanced is seven hundred fifty dollars or more and is for the use or rental of personal propertyfor a period equal to or greater than one hundred twenty days, the person receiving such money shall, subject to the provisions of this section, deposit it in an interest bearing account in a banking organization within the state which account shall earn interest at a rate which shall be the prevailing rate earned by other such deposits made with banking organizations in such area....
**Now knowing that it still doesn't answer your question, but it is good info.
When must your landlord return your deposit?
Your landlord does not have to return your security deposit before you move out, or on the day that you move. The landlord has a "reasonable time" to inspect the property to see whether you have caused any damage. If you think that your landlord will claim that you have damaged the apartment and not return the deposit, it is very important for you to take pictures at move out and bring a witness to carefully inspect the condition of the apartment. Also, be sure to return the key promptly.
You should ask your landlord to inspect the property with you right before you move. If he won't inspect it with you, and you have witnesses that the apartment was in good condition when you left, you should win if you sue your landlord for the deposit, because the damage could have happened after you moved out.
**Still doesn't answer your question, and it is vague as far as defining just what is "reasonable time".
How do you get your security deposit back?
If the landlord refuses to return the security deposit after you have left the apartment or house, you can sue him in Small Claims Court. You should go to Small Claims Court if your landlord claims that you caused the damage or owe back rent and you have proof that you did not cause the damage and that you did not owe any rent at the time you moved out.
**So if you feel "reasonable time" has past you still have recourse through small claims. Also the link I provided is a "Rent Security Complaint Form" provided by NYS Attorney General. The Attorney General's phone number provided may help you possibly define reasonable time as I cannot.
http://www.oag.state.ny.us/complaints/html/comp_rentsec.html
**New York State Office of the Attorney General
Eliot Spitzer
Consumer Protection Bureau
120 Broadway, 3rd floor
New York, New York 10271
(212) 416-8345 (phone)
(212) 416-8787 (fax)