Are There Any Security Deposit Holding Requirements in Maryland?

This question is about Maryland Security Deposit Law

Are There Any Security Deposit Holding Requirements in Maryland? on iPropertyManagement.com

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.