AN ACT REPEALING SECURITY DEPOSIT MAXIMUMS.

SB 253 repeals existing limits on security deposit amounts for residential rentals in the state. It removes the previous rule that capped deposits at two months' rent for tenants under 62 and one month's rent for tenants 62 or older. The bill takes effect October 1, 2026, and no longer restricts how much landlords may charge as a security deposit. This directly affects landlords and tenants in residential rental properties, as landlords can now set deposit amounts without statutory limits. The bill focuses solely on eliminating these maximums, not on other security deposit procedures like return timelines or interest requirements.