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Security Deposits

Section 250.511 security deposits

Security deposits belong to the tenants and shall be deposited into a separate escrow account and the tenants are notified of its location.
The landlord cannot require a deposit of more than two months’ rent.
After one year, the security deposit cannot exceed one month’s rent.
During the third year upon termination of the lease and if the landlord returns any of the deposit it must include interest.
When a tenant has been in possession of premise for five years or more the landlord cannot raise the security even if the rent is raised.

Section 250.512 returning security deposits

Within 30 days of termination of the lease, the landlord shall deliver a list of damages and the balance of the security deposit, and interest if required.
If the landlord fails to deliver the list in 30 days or less the tenant is entitled to double the amount of the security deposit.
Failure of the tenant to notify the landlord of their new address in writing shall relieve the landlord from any liability under this section.

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