The 2000 Florida Statutes
Title VI
CIVIL PRACTICE AND PROCEDURE
Chapter 83
Landlord And Tenant
View Entire Chapter
83.49 Deposit money or advance rent; duty of landlord and tenant.--
(1) Whenever money is deposited or advanced by a tenant on a rental agreement as security
for performance of the rental agreement or as advance rent for other than the next immediate
rental period, the landlord or the landlord's agent shall either:
(a) Hold the total amount of such money in a separate non-interest-bearing account in a
Florida banking institution for the benefit of the tenant or tenants. The landlord shall not
commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any
other way make use of such moneys until such moneys are actually due the landlord;
(b) Hold the total amount of such money in a separate interest-bearing account in a Florida
banking institution for the benefit of the tenant or tenants, in which case the tenant shall
receive and collect interest in an amount of at least 75 percent of the annualized average
interest rate payable on such account or interest at the rate of 5 percent per year, simple
interest, whichever the landlord elects. The landlord shall not commingle such moneys with any
other funds of the landlord or hypothecate, pledge, or in any other way make use of such
moneys until such moneys are actually due the landlord; or
(c) Post a surety bond, executed by the landlord as principal and a surety company authorized
and licensed to do business in the state as surety, with the clerk of the circuit court in the
county in which the dwelling unit is located in the total amount of the security deposits and
advance rent he or she holds on behalf of the tenants or $50,000, whichever is less. The bond
shall be conditioned upon the faithful compliance of the landlord with the provisions of this
section and shall run to the Governor for the benefit of any tenant injured by the landlord's
violation of the provisions of this section. In addition to posting the surety bond, the landlord
shall pay to the tenant interest at the rate of 5 percent per year, simple interest. A landlord, or
the landlord's agent, engaged in the renting of dwelling units in five or more counties, who
holds deposit moneys or advance rent and who is otherwise subject to the provisions of this
section, may, in lieu of posting a surety bond in each county, elect to post a surety bond in the
form and manner provided in this paragraph with the office of the Secretary of State. The bond
shall be in the total amount of the security deposit or advance rent held on behalf of tenants
or in the amount of $250,000, whichever is less. The bond shall be conditioned upon the
faithful compliance of the landlord with the provisions of this section and shall run to the
Governor for the benefit of any tenant injured by the landlord's violation of this section. In
addition to posting a surety bond, the landlord shall pay to the tenant interest on the security
deposit or advance rent held on behalf of that tenant at the rate of 5 percent per year simple
interest.
(2) The landlord shall, within 30 days of receipt of advance rent or a security deposit, notify
the tenant in writing of the manner in which the landlord is holding the advance rent or
security deposit and the rate of interest, if any, which the tenant is to receive and the time of
interest payments to the tenant. Such written notice shall:
(a) Be given in person or by mail to the tenant.
(b) State the name and address of the depository where the advance rent or security deposit
is being held, whether the advance rent or security deposit is being held in a separate account
for the benefit of the tenant or is commingled with other funds of the landlord, and, if
commingled, whether such funds are deposited in an interest-bearing account in a Florida
banking institution.
(c) Include a copy of the provisions of subsection (3).
Subsequent to providing such notice, if the landlord changes the manner or location in which
he or she is holding the advance rent or security deposit, he or she shall notify the tenant
within 30 days of the change according to the provisions herein set forth. This subsection does
not apply to any landlord who rents fewer than five individual dwelling units. Failure to provide
this notice shall not be a defense to the payment of rent when due.
(3)(a) Upon the vacating of the premises for termination of the lease, the landlord shall have
15 days to return the security deposit together with interest if otherwise required, or in which
to give the tenant written notice by certified mail to the tenant's last known mailing address of
his or her intention to impose a claim on the deposit and the reason for imposing the claim.
The notice shall contain a statement in substantially the following form:
This is a notice of my intention to impose a claim for damages in the amount of _____ upon
your security deposit, due to _____. It is sent to you as required by s. 83.49(3), Florida
Statutes. You are hereby notified that you must object in writing to this deduction from your
security deposit within 15 days from the time you receive this notice or I will be authorized to
deduct my claim from your security deposit. Your objection must be sent to (landlord's
address) .
If the landlord fails to give the required notice within the 15-day period, he or she forfeits the
right to impose a claim upon the security deposit.
(b) Unless the tenant objects to the imposition of the landlord's claim or the amount thereof
within 15 days after receipt of the landlord's notice of intention to impose a claim, the landlord
may then deduct the amount of his or her claim and shall remit the balance of the deposit to
the tenant within 30 days after the date of the notice of intention to impose a claim for
damages.
