(c) No interest shall accrue on security deposits for the period of January 1, 2002 through December 31, 2002.
2. The annual interest rate shall be 2% simple interest per annum for tenants’ security deposits held during the period of January 1, 2001, through December 31, 2001.
3. The annual interest rate shall be 5% simple interest per annum for tenants’ security deposits held during the period of November 1, 1990, through December 31, 2000.
4. The Los Angeles Housing Department (“LAHD”) shall identify the established interest rate in the annual rental unit registration billings mailed to landlords. LAHD shall publish the established interest rate in a newspaper of general circulation. (Amended by Ord. No. 187,122, Eff. 8/8/21.)
C. (Amended by Ord. No. 174,017, Eff. 7/16/01.) Interest shall begin accruing on November 1, 1990, on a monthly basis. A tenant shall be given the unpaid accrued interest in the form of either a direct payment or a credit against the tenant’s rent. The landlord shall choose between these two methods of payment and notify the tenant in writing of the landlord’s choice. The landlord may elect to pay the accrued interest on a monthly or yearly basis.
D. Upon termination of tenancy, only the tenant whose security deposit has been held for one year or more shall be entitled to payment of any unpaid accumulated interest on the security deposit. Such payment shall be made at the same time and in the same manner as required for return of security deposits in California Civil Code Section 1950.5(f).
E. Upon termination of a landlord’s interest in a property, all accumulated interest on security deposits shall be disposed of in the same manner as required for security deposits by California Civil Code Sections 1950.5(g) and (h).