Landlord Question and Answer Forum
Hello,
The Landlord form that was included had the following language regarding interest on the security deposit:
Maryland Assist:
(I) Within 45 days after the end of the tenancy, the landlord shall return the security deposit to the tenant together with simple interest which has accrued [in the amount of 3 percent per annum] AT THE DAILY U.S. TREASURY YIELD CURVE RATE FOR 1 YEAR, AS OF THE FIRST BUSINESS DAY OF EACH YEAR, OR 1.5%, WHICHEVER IS GREATER, less any damages rightfully withheld.
Do I need to include 3% interest or the max of 1.5% and the 1Year Treasury rate?
Thank you in advance for any assistance.
John W, MD on Friday, August 22, 2014
RE: Security Deposit Interest
Yes as this is state many security deposits should be held in non interest bearing accounts. However if it is kept in an interest bearing account the tenant is entitled to either 3% of what is made for the 1 year or the 1.5%. As it states how ever it figures out the larger amount of the interest earned goes to the tenant.
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