This bill amends section 83.49 of the Florida Statutes to establish new regulations regarding security deposits for residential tenancies. It prohibits security deposits collected before occupancy from exceeding the equivalent of one month's rent. Additionally, for security deposits paid during the lease term, the bill stipulates that these may be paid over a period of 12 months, with each individual payment not exceeding 8.75 percent of one month's rent.

The bill aims to provide clearer guidelines for both landlords and tenants regarding the handling of security deposits, ensuring that financial burdens are manageable for tenants while maintaining landlord rights. The new provisions will take effect on July 1, 2025.