AN ACT RELATING TO PROPERTY -- RESIDENTIAL LANDLORD AND TENANT ACT

This bill amends the Residential Landlord and Tenant Act to require landlords managing six or more units to place tenant security deposits in interest-bearing accounts. The accrued interest earned on these funds must belong to the tenant and be included in the final refund when the lease ends. Landlords must return the deposit and any interest within 20 days of the tenancy ending, along with a written itemization of any deductions for unpaid rent, cleaning, or damages. Tenants who are not paid the owed interest or deposit may sue for the amount due, plus damages equal to twice the withheld sum and reasonable attorney fees. The law also clarifies that landlords can still charge a separate security deposit for furnished apartments if the furniture's replacement value is at least $5,000.