Plain English Breakdown
The official source material does not specify consequences for landlords who fail to return deposits or provide itemized statements within the required timeframe.
Returning Security Deposits for Housing
This act changes the rules about when landlords must return security deposits to tenants after they move out.
What This Bill Does
- Changes the law so that landlords can keep part of a tenant's deposit if it is needed to fix damage or cover unpaid rent.
- Requires landlords to give tenants an itemized list explaining why any part of their deposit was kept within one month after moving out.
- Allows landlords up to 15 extra days to send the itemized statement if they need more time.
Who It Names or Affects
- Landlords who rent residential properties
- Tenants who pay security deposits for rental agreements
Terms To Know
- Security Deposit
- Money a tenant pays to the landlord before moving in, which is meant to cover any damages or unpaid rent.
- Itemized Statement
- A detailed list showing how much of a security deposit was kept and why it was kept.
Limits and Unknowns
- The act does not specify what happens if the landlord fails to return the deposit or provide an itemized statement within the required time frame.
- It is unclear whether this law applies to all types of rental agreements, including short-term rentals like vacation homes.