D
Danapack
Guest
I live in Ohio. I am not sure if I understand this part of the Ohio revised code. Could someone please explain it to me?
§ 5321.16 Security deposit procedures.
(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant.
Is this saying that the security deposit must be over one months rent to collect interest?
My landlord was found to have wrongfully withheld my deposit and I needed to know how much $$$ to ask for when I go back to court to get my deposit back. My deposit was the same as one months rent ($400.00). I know that I can ask for double the amount but I wasn't sure if I am able to ask for interest on the $400 also.
Thanks,
Dana
§ 5321.16 Security deposit procedures.
(A) Any security deposit in excess of fifty dollars or one month's periodic rent, whichever is greater, shall bear interest on the excess at the rate of five per cent per annum if the tenant remains in possession of the premises for six months or more, and shall be computed and paid annually by the landlord to the tenant.
Is this saying that the security deposit must be over one months rent to collect interest?
My landlord was found to have wrongfully withheld my deposit and I needed to know how much $$$ to ask for when I go back to court to get my deposit back. My deposit was the same as one months rent ($400.00). I know that I can ask for double the amount but I wasn't sure if I am able to ask for interest on the $400 also.
Thanks,
Dana