Can a landlord in New Mexico demand a security deposit greater than a month’s rent?
Full Question:
My landlord has demanded a security deposit that is more than one month’s rent. Can a landlord in New Mexico demand a security deposit greater than a month’s rent?
01/04/2017 |
Category: Landlord Tenant |
State: New Mexico |
#29421
Answer:
N.M. Stat. Ann. § 47-8-18 reads:
“(1) Under the terms of an annual rental agreement, if the owner demands or receives of the resident such a deposit in an amount greater than one month's rent, the owner shall be required to pay to the resident annually an interest equal to the passbook interest permitted to savings and loan associations in this state by the federal home loan bank board on such deposit.”
(2) Under the terms of a rental agreement of a duration less than one year, an owner shall not demand or receive from the resident such a deposit in an amount in excess of one month's rent.”