If a landlord in Colorado does not return the security deposit within 1 month from the move out date or as provided in the lease, the landlord loses the right to make any deductions and may be liable for a penalty of 3 times the amount withheld plus costs of suit.
If the lease was terminated due to the landlord’s failure to repair gas appliances or other equipment that has been found to be in hazardous condition, the penalty will only be 2 times the amount withheld.
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The information for this answer was found on our Colorado Security Deposit Law answers.
