Laws on Rentals & Security Deposits

[TPK]

Good afternoon Soc.

Questions on laws pertaining to security deposits given to a landlord.

Currently renting a home in NJ, moving to Pa. in a month.

Been renting since early 2001 in at current residence.

Spoke to landlord yesterday about the security deposit I gave him (1-1/2 months $$ security) He is aware I'm leaving and has been aware for awhile, we get along well, he's a lousy landlord though (aren't they all?)

I told him to keep the security to pay for rent this month (sept) and next month (oct). I'm leaving mid month next month.

I asked him how much interest had the money made as he originally told me he was putting security in an interest bearing account.

Tells me he never did that, he said he just kept it at his home.

1. Wasn't there a law passed requiring security deposits to be put in interest bearing accounts??

2. Was the law nationwide??......I know it's a law in NJ.

3. If yes on the above, what year was the law passed?

I just want to be ready in case this gets ugly.

Thanks

TPK

[socrateaser]

>1. Wasn't there a law passed requiring security deposits to be
>put in interest bearing accounts??

This would be a matter of NJ law, and I don't know the answer without researching the NJ statutes. But, there will be no federal application.

>2. Was the law nationwide??......I know it's a law in NJ.

See above.

>
>3. If yes on the above, what year was the law passed?

Don't know, sorry. You'll need to browse the NJ landlord-tenant statutes and see if the law pops out. Either way, the amount of interest will be negligible, unless your deposit was more than $50K (in my opinion).