General Assembly Raised Bill No. 1265 proposes significant amendments to the laws governing security deposits in landlord-tenant relationships. The bill repeals existing regulations in Section 47a-21, which previously limited security deposits based on tenant age, allowing landlords to require up to two months' rent from tenants under sixty-two and one month's rent from those sixty-two and older. The new provisions establish that security deposits remain the property of the tenant, with landlords holding a security interest. Additionally, the bill mandates that landlords return the full security deposit, along with accrued interest, within a specified timeframe after receiving a tenant's forwarding address. It also clarifies the roles of receivers and successors in managing these deposits.

The bill introduces several key insertions, including requirements for landlords to provide written notice of the security deposit amount and the financial institution where it is held, as well as a seven-day response time for information requests from the commissioner. It also establishes penalties for non-compliance, such as fines for landlords who fail to return deposits or interest. Furthermore, the bill modifies existing statutes related to assistance programs, ensuring that security deposits for recipients of state assistance are properly managed and returned. Overall, Raised Bill No. 1265 aims to enhance tenant protections, streamline the security deposit process, and provide greater transparency in the management of these funds.

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