The 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 payments can be made over a period of 12 months, with each installment not exceeding 8.75 percent of one month's rent.

The new provisions aim to provide financial relief to tenants by capping the amount required for security deposits and allowing for more manageable payment options. The bill is set to take effect on July 1, 2025.