with the following:
(1) within 30 days of the receipt of the security deposit from the tenant;
(2) within 30 days of moving the deposit from one depository institution or fund to another,
except in the case of a merger of institutions or funds, then within 30 days of the date the person
investing the security deposit receives notice of that merger, or from one account to another
account, if the change in the account or institution occurs more than 60 days prior to the annual
interest payment;
(3) within 30 days after the effective date of P.L. 2003, c. 188 (C. 46:8-21.4);
(4) at the time of each annual interest payment; and
(5) within 30 days after the transfer or conveyance of ownership or control of the property
pursuant to section 2 of P.L. 1967, c. 265 (C. 46:8-20).
All of the money so deposited or advanced may be deposited or invested by the person
receiving the same in one interest-bearing or dividend yielding account as long as he complies
with all the other requirements of this act.
The interest or earnings paid thereon by the investment company, State or federally chartered
bank, savings bank or savings and loan association, shall belong to the person making the deposit
or advance and shall be paid to the tenant in cash, or be credited toward the payment of rent due
on the renewal or anniversary of said tenant's lease or on January 31, if the tenant has been given
written notice after the effective date of P.L. 2003, c. 188 and before the next anniversary of the
tenant's lease, that subsequent interest payments will be made on January 31 of each year.
If the person receiving a security deposit fails to invest or deposit the security money in the
manner required under this section or to provide the notice or pay the interest to the tenant as
required under this