Maryland requires that security deposits are deposited into an interest-bearing account in a federally insured financial institution within 30 days of receipt. The account should bear interest of 1.5% per year or the daily U.S. Treasury yield curve, whichever is greater, that accrues at monthly intervals. Tenants must also receive a receipt for their deposit that denotes pre existing damages, the tenant’s rights to inspection, and the penalties for failure to comply by the landlord.
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The information for this answer was found on our Maryland Security Deposit Law answers.