Bill > S03805

This bill establishes the Tenancy Deposit Protection Program, which requires the Commissioner of Housing and Community Renewal to create a system where tenant security deposits or advances on rental contracts are held by a third-party custodian and arbiter, with interest accruing. The bill mandates that landlords must place tenant security deposits in this system, and it establishes a dispute resolution service for disagreements over the withholding of security deposits, with the decision being binding. The bill also imposes a civil fine of up to 15% of the annual rent for landlords who fail to place the security deposit in the system.