Rent Deposits

[yanky9]

I had been renting a condo in Connecticut for 4 years and 7 months. My Landlord returned my deposit but with no interest. Am I entitled to interest on this money and how much?

 

[lauraleeC]

concerning rent deposits

Yanky, I am not in CONN. BUT ACCORDING TO OUR LAWS HERE IN FL. REQUIRE THE SECURITY DEPOSIT TO THE LANDLORD MUST BE ACCOUNTED IN ONE OF THREE WAYS;1) THEY MAY HOLD THE MONEY IN A NON-INTEREST BEARING ACCOUNT( SUCH AS PLEDGING FOR SECURITIES FOR A DEPT) 2) hOLD THE MONEY IN A SEPERATE INTEREST BEARING ACCOUNT AND PAY YOU 75% OF THE INTEREST OR 5% PER YEAR SIMPLE INTEREST AND NOT TO CO-MINGLE THE FUNDS TILL DUE. #3) POST A SURITY BOND WITH THE CLERK OF THE CIRCUIT COURT (FULL AMOUNT) IN THE COUNTY WHERE THE RENTAL PROPERTY IS, ANY ADVANCE RENTS AND DEPOSITS AND PAY A 5% SIMPLE INTEREST TO YOU. THE FL.LANDLORD AND TENANT ACT REQUIRES THE LANDLORS INFORM THE TENENT IN WRITING 30 DAYS FROM RECIEPT OF THE ADVANCE RENT OR SECURITY DEPOSIT HOW THE FUNDS ARE TO BE HELD. THE LANDLORD IS REQUIRED TO PAY OR CREDIT THE INTEREST @ LEAST ONCE A YEAR.