In Colorado, what is the time limit within which the security deposits should be returned?
My tenant has asked me to return his security deposit within 15days. Tenant vacated the rental premises 15 days back. The rental agreement does not have any specific time frame within which I should return the security deposit. In this case, within how many days should I return the security deposit to my tenant? I am a resident of Colorado.01/21/2017 | Category: Landlord Ten... » Security Dep... | State: Colorado | #30713
C.R.S. 38-12-103 reads:
“(1) A landlord shall, within one month after the termination of a lease or surrender and acceptance of the premises, whichever occurs last, return to the tenant the full security deposit deposited with the landlord by the tenant, unless the lease agreement specifies a longer period of time, but not to exceed sixty days. No security deposit shall be retained to cover normal wear and tear. In the event that actual cause exists for retaining any portion of the security deposit, the landlord shall provide the tenant with a written statement listing the exact reasons for the retention of any portion of the security deposit.”
In the given instance, as the rental agreement does not specify any date, you may be required to return the security deposit within one month after the termination of the lease or surrender and acceptance of the rental premises (whichever occurred last).