Massachusetts Security Deposit Follow-up Statement

Massachusetts Security Deposit Regulations: Follow-Up Statement

Massachusetts General Laws Chapter 186 § 15B(3)(a) requires that Landlords, within 30 days of receiving the security deposit, provide Tenants with the following information:

• The name and address of the bank where the deposit is being held;
• The amount of the security deposit; and
• The account number where the security deposit is being held.

Customize this form online in about 5 minutes to comply with this Massachusetts requirement.

Massachusetts Security Deposit Regulations

Here are some additional security deposit regulations that Massachusetts Landlords need to be familiar with:

• The security deposit may not exceed one month’s rent.
• The deposit must be returned within 30 days of the end of the tenancy.
• Within 10 days of receiving the security deposit or the start of the tenancy (whichever is later), Landlords must provide Tenants with a Security Deposit Receipt.
• Within 10 days of either the Lease signing or receipt of the security deposit, whichever is later, the Landlord must provide the Tenant with a Statement of Condition documenting the condition of the property at the start of the tenancy.
• Landlords can be penalized if certain procedural requirements are not met when the security deposit is deposited at the start of the Tenancy. The Landlord must:
• Deposit the security deposit in an interest-bearing bank account in the State of Massachusetts;
• The account must be in the name of the Tenant, including the Tenant’s social security number, with the Landlord as signatory; and
• If the Tenant stays longer than one year, the Landlord must provide the Tenant with an Annual Security Deposit Statement and payment of interest accrued over the past year.