Tenancy: security deposit.

Existing law regulates the terms and conditions of residential tenancies and authorizes a landlord to demand security at the beginning of a tenancy to be used to reimburse the landlord for costs associated with processing a new tenant, as an advance payment of rent, or for specified other purpose, including compensating a landlord for a tenant's default in the payment of rent. This bill would require a landlord to authorize a tenant, as an alternative to paying the full amount of a security deposit before taking possession of the premises, to satisfy security by either obtaining and maintaining rental security insurance coverage or a surety bond or paying the amount of the security in monthly installments, subject to specified requirements.