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Re: return of security deposit

Posted by Melissa on September 21, 1998 at 16:09:34:

In Reply to: return of security deposit posted by k. williams on September 21, 1998 at 06:48:53:

: we recently moved the end of july. our ex landlord in cortland county
: hasnt returned our security deposit as yet. i'm aware he has to within
: 30 days of vacating. (he's late). But what i am wondering about is the
: interst the $ has made for the last 7 years. Is he legally responsible
: to return the interest on the original $550 to us? or is it his gain?
: next question, what can i do to encourge to be honest an return our money
: in a timely matter? as he actually was suppose to refund our deposit
: by august 31st. any info is appreciated, thankyou
: kelley :)

Send the landlord a certified letter asking about the return of the security deposit. If the landord is keeping all or a portion of it for damages, he/she must supply you an itemized list in writing of the deductions. Yes interest should be paid to you (could depend on if your landlord is exempt from any landlord/tenant laws). Landlords must pay tenants interest on security deposits of at least the average commercial banks savings deposit rate as annually determined and published by the Banking Commissioner. Interest must be paid annually on the anniversary date of a tenancy either directly to tenants or as a credit towards the next month's rent.

Check out this link for the rates:

Good Luck!

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