Here is how it works:
The landlord must, within 45 days after the end of tenancy, return to tenant the security deposit minus any amount which he may rightfully withhold. Simple interest of 3% per year must be paid on security deposits of $50 or more and must accrue at 6 month intervals from the day the security deposit was given. Interest is not compounded. If the landlord, without good reason, fails to return any part of the security deposit within 45 days after the end of the tenancy, he is liable to the tenant for up to three times the withheld amount of the security deposit plus reasonable attorney's fees. - Wed Nov 18 2009, 10:35
3 Comments