The bill amends the 1972 Public Act 348, which governs landlord-tenant relationships regarding rental agreements and security deposits. Key changes include the requirement for landlords to provide tenants with written notice of their name, address, and contact information within 14 days of the tenant assuming possession. This notice must also inform tenants of their obligation to provide a forwarding address and other contact details within four days after moving out. Additionally, landlords must send an itemized list of any damages claimed against the security deposit within 15 days of occupancy termination, along with a statement informing tenants of their right to respond within seven days.

Further amendments stipulate that if landlords fail to comply with the notice of damages requirement within the specified timeframe, they are deemed to have agreed that no damages are due and must return the full security deposit to the tenant. The bill also clarifies the methods by which tenants can respond to damage claims and outlines the conditions under which landlords can retain security deposits. Notably, landlords are not entitled to keep any portion of the deposit unless they have obtained a money judgment for the disputed amount or the tenant has failed to provide necessary contact information or respond to damage notices.