N.J. DCA Landlord/Tenant Information Series — Security Deposit Law

Citation: N.J. DCA Landlord/Tenant Information Series — Security Deposit Law
Jurisdiction: New Jersey (state)
Source: Official source
Original Source: https://www.nj.gov/dca/codes/publications/pdf_lti/sdepsit_law.pdf ↗

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Any such net sum not demanded by and returned to the tenant or the tenant's designated
agent within the period of 30 days shall be redeposited or reinvested by the owner or lessee in an
appropriate interest bearing or dividend yielding account in the same investment company, State
or federally chartered bank, savings bank or savings and loan association from which it was
withdrawn. In the event that said displaced tenant resumes occupancy of the premises, said
tenant shall redeliver to the owner or lessee one-third of the security deposit immediately, one-
third in 30 days and one-third 60 days from the date of reoccupancy. Upon the failure of said
tenant to make such payments of the security deposit, the owner or lessee may institute legal
action for possession of the premises in the same manner that is authorized for nonpayment of
rent.