(b) A park owner of any park regularly containing 25 or more mobile
homes shall pay interest to
the tenant, on any deposit held by the park owner, computed from the date
of the deposit
at a rate equal to the interest paid by the largest commercial bank,
as measured by total assets, having its main banking premises in this State
on minimum deposit passbook savings accounts as of December 31 of the preceding
year on any such deposit held by the
park owner for more than 6 months.
However, in the event that any portion of the amount deposited is
utilized during the period for which it is deposited in order to compensate
the owner for non-payment of rent or to make a good faith reimbursement to
the owner for damage caused by the tenant, the principal on which the
interest accrues may be recomputed to reflect the reduction for the period
commencing on the first day of the calendar month following the reduction.
The park owner shall, within 30 days after the end of
each 12-month period, pay to the tenant any interest owed under this
Section in cash, provided, however, that the amount owed may be applied to
rent due if the owner and tenant agree thereto.