How must interest does a $750 Security Depoist amount to?
Full Question:
How must interest does a $750 Security Depoist amount to?
04/09/2007 |
Category: Landlord Ten... ยป Security Dep... |
State: Maryland |
#2807
Answer:
The following is a portion of a MD statute:
(e) Return of deposit to tenant; interest.-
(1) Within 45 days after the end of the tenancy, the landlord shall return the security deposit to the tenant together with simple interest which has accrued in the amount of 3 percent per annum, less any damages rightfully withheld.
(2) Interest shall accrue at six-month intervals from the day the tenant gives the landlord the security deposit. Interest is not compounded.
(3) Interest shall be payable only on security deposits of $50 or more.
(4) If the landlord, without a reasonable basis, fails to return any part of the security deposit, plus accrued interest, within 45 days after the termination of the tenancy, the tenant has an action of up to threefold of the withheld amount, plus reasonable attorney's fees.
