Landlord & Tenant Law
What steps does a landlord need to take to comply with the security deposit law?
The law requires the landlord give a residential tenant a written receipt when accepting a security deposit. The landlord must place the security deposit in an appropriately labeled escrow account. The receipt must show the amount of the deposit, the landlord’s name, the address of the premises, and the name of the bank and the account number where it is being held.
Within 10 days of the landlord accepting the security deposit, the landlord must provide a document called a statement of condition. The statement of condition must be signed by the landlord and list all damage existing in the rental unit.
Thereafter, a landlord must pay interest on the security deposit each year. Within 30 days of the end of the tenancy, the landlord must account for the deposit and return any portion due to the tenant.