Vote Smart's Synopsis:

Vote to concur with house amendments and pass a bill that prohibits landlords from charging a tenant more than one month's rent for a security deposit.

Highlights:

• Specifies that this section applies to security in a rental agreement for residential property that is used as the dwelling of the tenant (Sec. 1). 

• Defines the term “security” (Sec. 1). 

• Specifies that a landlord may not receive a security deposit that is more than equal two two months rent, three months rent for unfurnished properties, and more than the first months rent for furnished properties (Sec. 1). 

• Specifies that only the landlord for the tenant may hold the security deposit (Sec. 1). 

• Specifies that the landlord may claim the security only those amounts that are necessary for fixing damages and may not claim any more deposit for pre-existing damages (Sec. 1). 

• Specifies that a landlord must notify in writing that a tenant can be present in the case of an initial inspection of the premises for the purpose of relinquishing the security deposit (Sec. 1). 

• Requires the landlord to provide an itemized statement for how much balance they shall receive back on their security deposit (Sec. 1). 

• Specifies that if a repair is to be done that cannot be complemented 21 days after the tenant has vacated the landlord may deduct the amount of a good faith estimate of the charges that will be incurred (Sec. 1). 

• Specifies that the above requirement does not apply if the repairs require less than $125 and then the tenant has waived their rights (Sec. 1). 

• Prohibits nonrefundable security deposits (Sec. 2). 

• Specifies that proof of the existence of a security deposit may be established by any credible evidence including a canceled check, receipt, or a lease agreement (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that prohibits landlords from charging a tenant more than one month's rent for a security deposit.

Highlights:

• Specifies that this section applies to security in a rental agreement for residential property that is used as the dwelling of the tenant (Sec. 1). 

• Defines the term “security” (Sec. 1). 

• Specifies that a landlord may not receive a security deposit that is more than equal two two months rent, three months rent for unfurnished properties, and more than the first months rent for furnished properties (Sec. 1). 

• Specifies that only the landlord for the tenant may hold the security deposit (Sec. 1). 

• Specifies that the landlord may claim the security only those amounts that are necessary for fixing damages and may not claim any more deposit for pre-existing damages (Sec. 1). 

• Specifies that a landlord must notify in writing that a tenant can be present in the case of an initial inspection of the premises for the purpose of relinquishing the security deposit (Sec. 1). 

• Requires the landlord to provide an itemized statement for how much balance they shall receive back on their security deposit (Sec. 1). 

• Specifies that if a repair is to be done that cannot be complemented 21 days after the tenant has vacated the landlord may deduct the amount of a good faith estimate of the charges that will be incurred (Sec. 1). 

• Specifies that the above requirement does not apply if the repairs require less than $125 and then the tenant has waived their rights (Sec. 1). 

• Prohibits nonrefundable security deposits (Sec. 2). 

• Specifies that proof of the existence of a security deposit may be established by any credible evidence including a canceled check, receipt, or a lease agreement (Sec. 2).

Full Bill Text