§41-115. Damage or security deposits.
A. Any damage or security deposit required by a landlord of a
tenant must be kept in an escrow account for the tenant, which
account shall be maintained in the State of Oklahoma with a
federally insured financial institution. Misappropriation of the
security deposit shall be unlawful and punishable by a term in a
county jail not to exceed six (6) months and by a fine in an amount
not to exceed twice the amount misappropriated from the escrow
account.
B. Upon termination of the tenancy, any security deposit held
by the landlord may be applied to the payment of accrued rent and
the amount of damages which the landlord has suffered by reason of
the tenant's noncompliance with this act and the rental agreement,
all as itemized by the landlord in a written statement delivered by
mail to be by return receipt requested and to be signed for by any
person of statutory service age at such address or in person to the
tenant if he can reasonably be found. If the landlord proposes to
retain any portion of the security deposit for rent, damages or
other legally allowable charges under the provisions of this act or
the rental agreement, the landlord shall return the balance of the
security deposit without interest to the tenant within forty-five
(45) days after the termination of tenancy, delivery of possession
and written demand by the tenant. If the tenant does not make such
written demand of such deposit within six (6) months after
termination of the tenancy, the deposit reverts to the landlord in
consideration of the costs and burden of maintaining the escrow
account, and the interest of the tenant in that deposit terminates
at that time.
C. Upon cessation of a landlord's interest in the dwelling unit
including, but not limited to,