investment company described in paragraph (1) of this subsection.
This subsection shall not apply to persons receiving money for less than 10 rental units
except where required by the Commissioner of Banking and Insurance by rule or regulation. The
commissioner shall apply the provisions of this subsection to some or all persons receiving
money for less than 10 rental units where the commissioner finds that it is practicable to deposit
or invest the money received with an investment company or State or federally chartered bank,
savings bank or savings and loan association in accordance with this subsection. Except as
expressly provided herein, nothing in this subsection shall affect or modify the rights or
obligations of persons receiving money for rental premises or units, tenants, licensees or
contractees under any other law.
b. Persons not required to invest or deposit money in accordance with subsection a. of this
section shall deposit such money in a State or federally chartered bank, savings bank or savings
and loan association in this State insured by an agency of the federal government in an account
bearing interest at the rate currently paid by such institutions and associations on time or savings
deposits.
c. The person investing the security deposit pursuant to subsection a. or b. of this section
shall notify in writing each of the persons making such security deposit or advance, giving the
name and address of the investment company, State or federally chartered bank, savings bank or
savings and loan association in which the deposit or investment of security money is made, the
type of account in which the security deposit is deposited or invested, the current rate of interest
for that account, and the amount of such deposit or investment, in accordance