The bill amends Section 34-18-19 of the Residential Landlord and Tenant Act, specifically addressing security deposits. It establishes that landlords cannot demand a security deposit exceeding one month's rent and introduces a provision allowing tenants to pay any increase in their security deposit in prorated monthly increments over a twelve-month period. Additionally, the bill clarifies the process for returning security deposits upon termination of tenancy, detailing the deductions that can be made for unpaid rent, cleaning, trash disposal, and damages beyond normal wear and tear.

Furthermore, the bill maintains that landlords can charge a separate furniture security deposit for furnished apartments valued at $5,000 or more, with similar return conditions as the standard security deposit. It also stipulates that any rental agreement cannot waive the provisions outlined in this section. The act is set to take effect immediately upon passage.

Statutes affected:
5127: 34-18-19