The word "nonrefundable" must be conspicuously placed on the document and must be in a minimum of 16-point, bold-faced type. This word must appear on the first page of the disclosure and must be repeated immediately above the signature line for the tenant.
6.
Use of surety bond.
A surety bond does not represent liquidated damages and may not be used as payment to a landlord for breach of the rental agreement, except in the amount that the landlord is actually damaged by the breach consistent with the provisions of this section. Except as provided in this section, a surety may not, directly or indirectly, make any other payment to a landlord. A surety bond may be used to pay claims by a landlord for:
A.
Unpaid rent;
[PL 2007, c. 370, §2 (NEW).]
B.
Damage due to breach of the rental agreement;
[PL 2007, c. 370, §2 (NEW).]
C.
Damage by the tenant or members of the tenant's household or their invitees or guests in excess of normal wear and tear to the leased premises, common areas, major appliances or furnishings owned by the landlord;
[PL 2007, c. 370, §2 (NEW).]
D.
Nonpayment of utility charges that the tenant was required to pay directly to the landlord; and
[PL 2007, c. 370, §2 (NEW).]
E.
The cost of storing and disposing of unclaimed property.
[PL 2007, c. 370, §2 (NEW).]