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

This bill requires landlords managing six or more residential units to place tenant security deposits in federally insured interest-bearing accounts, with all accrued interest belonging to the tenant. It maintains existing rules that limit security deposits to one month's rent and outlines specific deductions for unpaid rent, cleaning, trash disposal, and damages beyond ordinary wear and tear. Landlords must return the deposit plus any interest within 20 days of lease termination, while tenants of smaller properties remain unaffected by the interest requirement. The legislation also clarifies that furniture security deposits are permitted for furnished apartments with replacement values of $5,000 or more, provided they follow similar return timelines and deduction rules.