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Interest on Deposits

Posted by Art on April 05, 1999 at 15:03:32:

Has anyone thought of or attempted to have legislation introduced to require landlords to pay interest on deposits?

It seems that a federal law is long overdue that would require landlords to pay tenants interest on all money held as deposit. The law should also cover escrow held by a mortgage company.

The law concerning interest on rent deposit would probably have to require that it be paid to the tenant once a year, otherwise if it was just credited to the deposit, some landloards would just find reasons not to refund it.

Just a thought.

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