Limit on security deposit amount. No landlord shall demand, charge, accept, or retain from a tenant more than a single
month rent as a security deposit. Provided, however, if the lease or other agreement
requires the tenant to pay before the tenancy starts or any time prior to the end
of the first month of tenancy more than the first installment of rent plus the deposit,
then the landlord shall not demand, charge, accept, or retain more than one-half (½)
of a single month rent as a security deposit. In this situation, no landlord shall
deny a tenant's request to pay the security deposit in installments over a period
of up to three (3) months in installment amounts reasonably requested by the tenant.
For dwelling units subject to a referral between the landlord and non-profit service
provider or government agency, the maximum security deposit amount is limited to one
and a half (1½) of a single month rent. Any security deposit furnished herein shall
be governed by the provisions of Minnesota Statutes Section 504B.178, together with
this section.
(c)
Notice of rights. Contemporaneously with a landlord's obligation to return the deposit, transfer the
deposit, or provide a written statement pursuant to Minnesota Statutes Section 504B.178,
a landlord must also deliver to the tenant a written notice of rights under state
law and local ordinance regarding security deposits in a form and manner approved
by the city.
(d)