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Natasha Lett,  in

Why are landlords required pay 3% interest on security deposits when banks only pay between .01% and 1%?

Asked by Natasha Lett, Mon Dec 2, 2013

I have read that landlords are required to pay 3% interest in Maryland when returning the security deposit to the tenants. However, most accounts do not pay anywhere near that. Are landlords required to eat that cost or can they pay whatever interest was collected in the account

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State law needs to be changed, I guess. That does seem somewhat outrageous.
0 votes Thank Flag Link Tue Dec 3, 2013
Maryland State law. We get a lot of questions on this.
0 votes Thank Flag Link Tue Dec 3, 2013
That is state law currently They have not changed it even though you can't make 3% in a savings acct
0 votes Thank Flag Link Mon Dec 2, 2013
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