Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)

Citation: Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)
Parent Document: Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)
Jurisdiction: California (state)
Effective Date: 2002-01-03
Original Source: https://www.courtlistener.com/opinion/2274225/action-apartment-assn-v-santa-m... ↗

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The Board amended its regulations in 1983 to state that “[a]Il security deposits shall be placed in an interest-bearing account at an institution whose accounts are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation until such time as they are returned to tenants or entitled to be used by the landlord.” (Santa Monica Rent Bd. Regs., reg. No. 14001(a).) The amended regulations did not require that tenants receive the interest on security deposits. Accordingly, landlords could either pay the interest to tenants or use it to benefit the property. (Santa Monica Charter, § 1803(s); see Rent Bd. Regs., former reg. No. 14001(b).) Until recently, that was the state of affairs in Santa Monica.

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