Bill > S869

This bill aims to reduce barriers to housing by allowing landlords to collect a non-refundable "fee in lieu of security deposit" instead of a traditional security deposit. The key provisions are: (1) the fee can be partially or fully non-refundable, as long as this is disclosed and acknowledged by the tenant; (2) the landlord can use the fee to purchase coverage for unpaid rent or unit damage from a licensed insurer; (3) the fee can be a recurring monthly payment or paid on any schedule agreed upon by the landlord and tenant; (4) the fee is not considered a security deposit and is not governed by laws regulating security deposits; (5) the landlord must offer the fee option to all approved applicants without discrimination; and (6) tenants who pay the fee can later opt-out and pay the standard security deposit instead.

Housing and Urban Affairs

https://malegislature.gov/Bills/192/S869