Bill > A03705

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 are held by a third-party custodian and arbiter, with interest accruing on the deposits. The program includes a process for returning security deposits to tenants, a dispute resolution service for disagreements over deposit withholding, and requirements for landlords to place tenant deposits in the system and obtain tenant agreement before using the dispute resolution service. The bill also imposes a civil fine for landlords who violate the requirement to place deposits in the system.