[Chat] [Discussion] security deposits

[Roderick Fry]

According to the Maryland Attorney General's Office you must pay 3 percent.
Of course, you aren't going to get 3% out of a savings account or a CD
nowadays, but the law has not caught up with the current economy.

http://www.oag.state.md.us/Consumer/landlords.htm#deposits

   - The landlord must put the security deposit in an escrow account. When
   returning security deposits of $50 or more, the landlord must include simple
   interest of 3 percent per year, accrued at six-month intervals from the date
   the security deposit was paid (1.5 percent every six-month period).

Good luck,

Rod

On Thu, Jul 23, 2009 at 12:52 PM, JUDY BERLIN <jdydee at verizon.net> wrote:

> Does anyone know what the going interest rate is for security deposits
> being held by landlords. I know the deposit has to be returned with
> interest, but given the economy, do not know at what rate.
>
> Thanks,
> Judy
>
>
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