535.300. Security deposits, limitation — holding of security deposits, requirements — return of deposit or notice of damages, when — withholding deposit, when — tenant's right to damages — security deposit defined. — 1. A landlord may not demand or receive a security deposit in excess of two months' rent.
2. All security deposits shall be held by the landlord for the tenant, who is a party to the rental agreement, in a bank, credit union, or depository institution which is insured by an agency of the federal government. Any interest earned on a security deposit shall be the property of the landlord. A housing authority created under section 99.040 or any other government entity acting as a landlord shall not be subject to this subsection.
3. Within thirty days after the date of termination of the tenancy, the landlord shall:
(1) Return the full amount of the security deposit; or
(2) Furnish to the tenant a written itemized list of the damages for which the security deposit or any portion thereof is withheld, along with the balance of the security deposit.
The landlord shall have complied with this subsection by mailing such statement and any payment to the last known address of the tenant.
4. The landlord may withhold from the security deposit only such amounts as are reasonably necessary for the following reasons:
(1) To remedy a tenant's default in the payment of rent due to the landlord, pursuant to the rental agreement;