§ 8A-1001. Security deposit requirements
West's Annotated Code of MarylandReal PropertyEffective: June 1, 2015
Effective: June 1, 2015
MD Code, Real Property, § 8A-1001
§ 8A-1001. Security deposit requirements
(a)(1) A park owner may not impose a security deposit in excess of the equivalent of 2 months' rent, or $50, whichever is greater. If a security deposit exceeds this amount, the resident may recover up to threefold the extra money charged, plus reasonable attorney's fees.
(b) An action under this section may be brought at any time during the tenancy or within 2 years after its termination.
(c)(1) The park owner shall give the resident a receipt for the security deposit.
(d)(1) If the park owner imposes a security deposit, on written request, he promptly shall provide the resident with a written list of all existing damages. The request must be made within 15 days of the resident's occupancy.
(e)(1) The park owner shall maintain all security deposits in a banking or savings institution in the State. This account shall be devoted exclusively to security deposits and bear interest.
(f)(1) Within 45 days after the end of the tenancy, the park owner shall return the security deposit to the resident together with simple interest which has accrued at the daily U.S. Treasury yield curve rate for 1 year, as of the first business day of each year, or 1.5% a year, whichever is greater, less any damages rightfully withheld.
(g)(1) The security deposit, or any portion of the security deposit, may be withheld for unpaid rent, damage due to breach of the rental agreement, or damage to the leased premises by the resident or the resident's family, agents, employees, or social guests in excess of ordinary wear and tear.
(2) The resident has the right to be present when the park owner or his agent inspects the premises in order to determine if any damage was done to the premises, if the resident notifies the park owner in writing of his intention to move, the date of moving and his new address. The notice to be furnished by the resident to the park owner shall be mailed at least 15 days prior to the date of moving. Upon receipt of the notice, the park owner shall notify the resident in writing of the time and date when the premises are to be inspected. The date of inspection shall occur within 5 days after the moving as designated in the resident's notice. The resident shall be advised of his rights under this subsection in writing which may be included in the rental agreement at the time of his payment of the security deposit. Failure by the park owner to comply with this requirement forfeits the right of the park owner to withhold any part of the security deposit for damages.
(h) A park owner is entitled to rely on the list of yield curve rates or the customized calculator maintained by the Department of Housing and Community Development under § 8-203(k) of this article when calculating the interest on a security deposit.
Credits
Added by Acts 1980, c. 843, § 3, eff. July 1, 1980. Amended by Acts 1992, c. 534; Acts 1996, c. 10, § 1, eff. April 9, 1996; Acts 2005, c. 23, § 1, eff. Oct. 1, 2005; Acts 2006, c. 44, § 1, eff. April 8, 2006; Acts 2007, c. 5, § 1, eff. March 22, 2007; Acts 2014, c. 488, § 1, eff. Jan. 1, 2015; Acts 2014, c. 489, § 1, eff. Jan. 1, 2015; Acts 2015, c. 455, § 1, eff. June 1, 2015.
MD Code, Real Property, § 8A-1001, MD REAL PROP § 8A-1001
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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