This bill amends section 83.49 of the Florida Statutes regarding security deposits in residential tenancies. It establishes that a security deposit collected before a tenant occupies the property cannot exceed the equivalent of one month's rent. Additionally, if a security deposit is paid during the lease term, it must be paid in installments over a maximum of 12 months, with each installment not exceeding 8.75 percent of one month's rent.

The bill aims to provide clearer guidelines for security deposits, ensuring that tenants are not burdened with excessive upfront costs and allowing for more manageable payment options during the lease. The new provisions will take effect on July 1, 2025.