concerned1977
Member
What is the name of your state (only U.S. law)? va
Section § 55-248.15:1 of the code of Virginia states "The landlord shall accrue interest at an annual rate equal to four percentage points below the Federal Reserve Board discount rate as of January 1 of each year .... no interest shall be due and payable unless the security deposit has been held by the landlord for a period exceeding 13 months ..."
and section § 55-248.15:2 part B "The rates are as follows:" provides rates back to 1979.
My questions are as follows (I want to make sure I'm interpreting it correctly):
1. Do you use the interest rates provided in section § 55-248.15:2 to determine the amount of interest to be paid to the tenant?
2. For 2009 and 2010 it says 0% - does this mean that because interest rates dropped so low I wouldn't be required to pay accrued interest for 2009 and 2010?
If I've posted in the wrong place, please let me know and I will move it.
Thanks.
Section § 55-248.15:1 of the code of Virginia states "The landlord shall accrue interest at an annual rate equal to four percentage points below the Federal Reserve Board discount rate as of January 1 of each year .... no interest shall be due and payable unless the security deposit has been held by the landlord for a period exceeding 13 months ..."
and section § 55-248.15:2 part B "The rates are as follows:" provides rates back to 1979.
My questions are as follows (I want to make sure I'm interpreting it correctly):
1. Do you use the interest rates provided in section § 55-248.15:2 to determine the amount of interest to be paid to the tenant?
2. For 2009 and 2010 it says 0% - does this mean that because interest rates dropped so low I wouldn't be required to pay accrued interest for 2009 and 2010?
If I've posted in the wrong place, please let me know and I will move it.
Thanks.