It is the duty of the new owner to obtain the security deposit, plus accrued interest on the
tenant’s deposit, that was collected by the former owner. Therefore, whether or not the
deposit and interest are transferred to the new owner by the former owner, the new owner
is responsible for the investment of the security deposit, giving all notices and paying
interest, and for the return of the security deposit, plus any accrued earnings or interest. A
security deposit notice must be given by the landlord within 30 days of acquiring the property.
RETURN OF SECURITY DEPOSIT
Within 30 days after the termination of a tenant’s lease the landlord must return the tenant’s
security deposit plus the tenant’s portion of interest, less any allowable fees, by personal
delivery, certified or registered mail. In addition, an itemized list of interest, earnings and
deductions from the security deposit must be sent to the tenant within 30 days by personal
delivery, registered or certified mail.
If the landlord fails to return the tenant’s security deposit within 30 days, then the tenant is
entitled to sue the landlord for the return of the security deposit. If the tenant sues successfully
for the return of the security deposit, the Court shall award recovery of double the amount of
money, along with full costs of any action and, in the Court’s discretion, reasonable attorney’s
fees.