SB 743 - This act states that landlords must keep all security deposits in a depository institution insured by an agency of the federal government, and shall not commingle the security deposits with personal funds. Any interest earned on a security deposit belongs to the landlord.

Currently, if a landlord wrongfully withholds any portion of the security deposit then the tenant can recover as damages not more than twice the amount withheld. This act provides that a tenant shall recover as damages twice the amount wrongfully withheld by the landlord.

This act is identical to SB 309 (2015) and similar to SB 182 (2015), HB 2283 (2014), and HB 884 (2013).


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