The bill amends the "Residential Landlord and Tenant Act" by adding provisions that allow a tenant to pay the last month's rent or any other prepaid rent. It also increases the maximum allowable security deposit from one month to two months of periodic rent. The new language specifies that these changes will take effect on January 1, 2025. Additionally, the bill mandates that upon termination of tenancy, landlords must return the security deposit minus any justified deductions for unpaid rent or damages, and they must provide a written notice detailing these deductions within 20 days. Overall, the act aims to enhance tenant protections and clarify the responsibilities of landlords.