15-1717 - Provisions for the revision and readjustment of rent in licenses. - New York Statutes

§ 15-1717. Provisions for the revision and readjustment of rent in licenses. 1. The annual charge or rental fixed by the department shall continue for the period of the license, unless the license provides for a readjustment of the charge or rental at a specified time or times, in which case the charge or rental, as fixed by the license, may be revised and readjusted by the department according to the terms of the license. Payments on account of any such charge or rental shall be treated as a part of the operating expense. 2. The licensee shall be given ten days' notice of the time and place of the meeting of the department at which the question of the revision and readjustment of such charge or rental will be considered. The revision and readjustment shall be in the form of a resolution adopted by the department and thereafter, the revised and readjusted rental or charge, unless reviewed and reversed or modified as herein provided, shall apply to and govern the license. 3. Any such decision may be reviewed by the licensee pursuant to the provisions of section 15-0905. 4. Pending the final determination of the review proceedings, the licensee shall pay to the state the revised and readjusted rental or charge as fixed by the department; and if it shall be determined that the rental or charge shall be revised, the licensee shall be credited on later payments with any excess he may pay over the rental as finally fixed, with interest. If the credits be insufficient to satisfy such excess, the licensee may recover the balance in the Court of Claims.