Oklahoma Security Deposit Collections & Holdings

Oklahoma Security Deposit Collections & Holdings

Last Updated: February 9, 2023 by Ashley Porter

To learn about laws on security deposit returns in Oklahoma, click here.

Maximum Security Deposit Allowed in Oklahoma

There is no limit on how much a landlord can collect for a security deposit in Oklahoma. While other states impose a maximum security deposit limit, such as one month’s rent, Oklahoma does not.

Can Landlords Charge an Additional Pet Deposit in Oklahoma?

Yes, landlords can collect an additional pet deposit in Oklahoma, except for service dogs and emotional support animals.

How Much Rent Can a Landlord Collect Upfront in Oklahoma?

There is no limit on the amount of rent that can be collected upfront in Oklahoma. Many states have a limit on the amount of rent that can be collected at once, but Oklahoma does not.

Security Deposit Collections in Oklahoma

While other states have additional requirements for landlords that collect a security deposit, such as providing certain documentation of the condition of the unit at move-in, Oklahoma does not.

Do Landlords Have to Provide a Receipt for the Security Deposit in Oklahoma?

Although some states like Washington require a receipt, landlords are not required to provide a receipt for the security deposit in Oklahoma.

What Obligations Do Landlords Have to Establish the Condition at Move-in in Oklahoma?

Oklahoma law does not require landlords to document or establish the property’s condition at move-in. While other states legally require a written inventory of damages to be completed when collecting a security deposit, Oklahoma does not.

Security Deposit Holdings in Oklahoma

Landlords in Oklahoma must hold security deposits in an escrow account maintained within the state in a federally-insured financial institution. Security deposits cannot be commingled with landlords’ own funds.

Failure to hold a security deposit in an escrow account or unlawful use of escrow funds is punishable by up to 6 months in county jail and a fine up to twice the amount illegally used.

Are Tenants Entitled to Interest on Their Security Deposit in Oklahoma?

Oklahoma law does not require landlords to provide interest on held security deposits.

How Are Security Deposits Accounted for in Oklahoma?

Security deposits are not considered taxable income when they are collected.

What Happens to a Security Deposit When the Property is Sold in Oklahoma?

When a property is sold in Oklahoma, the original landlord must either:

  • Transfer the deposit to their successor and notify the tenant in writing of their name and address; or
  • Return the deposit to the tenant