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Re: Interest on Deposits

Posted by Mo on April 06, 1999 at 10:27:00:

In Reply to: 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.

They already have to in Virginia:

B. The landlord shall: (i) accrue interest in six-month increments, at a rate equal to the Federal Reserve Board discount rate as of January 1 of each year, beginning January 1, 1995, on all property or money held as security; provided, that no interest shall be due and payable unless the security has been held by the landlord for a period exceeding thirteen months after the date of the rental agreement or after the date of any prior written or oral rental agreements with the same tenant, for continuous occupancy of the same dwelling unit, such security earning interest which begins accruing from the effective date of the rental agreement, and such interest shall be paid only upon termination of the tenancy, delivery of possession and return of the security deposit as provided in subsection A of this section; (ii) maintain and itemize records for each tenant of all deductions from security deposits provided for under this section which the landlord has made by reason of a tenant's noncompliance with 55-248.16 during the preceding two years; and (iii) permit a tenant or his authorized agent or attorney to inspect such tenant's records of deductions at any time during normal business hours.

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