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Security deposits in the state of Connecticut.
Security deposits in the state of Connecticut.
According to Sections 3-70a(e), 16-262j(d0, 47a-21(i)(2) and 49-2a of the Connecticut General Statutes, the interest rate to be paid on tenant security deposits is 1.5% for the period commencing January 1, 2011 and ending December 31 2011.
Even though a landlord does not earn 1.5% on the security deposit money he deposits in his tenant's escrow accounts, he is still required to pay 1.5% interest on the security deposit money to the tenant at the end of each year's lease and at termination of the tenancy.
The landlord may only accept one month's worth of a security deposit if the tenant is over 62, otherwise in all other cases a landlord may only accept two month's worth of a security deposit (this also includes pet deposits). By law the landlord may not commingle the security deposit funds with personal funds.
Security deposits need to be returned within thirty days of the tenant furnishing a forwarding address or the date the tenant moves out of the apartment, whichever is longer. The landlord must furnish the tenant with a statement stating amounts retained and enclose a check for the balance of the security deposit plus interest.
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