1-a. Whenever the money so deposited or advanced is seven hundred
fifty dollars or more and is for the use or rental of personal property
for a period equal to or greater than one hundred twenty days, the
person receiving such money shall, subject to the provisions of this
section, deposit it in an interest bearing account in a banking
organization within the state which account shall earn interest at a
rate which shall be the prevailing rate earned by other such deposits
made with banking organizations in such area. Such person shall not be
required to keep the funds of the separate persons from whom security
deposits or advances have been received in separate depository accounts,
provided his books of account shall clearly show the allocation of the
funds deposited in his general or special depository account. The person
depositing such security money shall be entitled to receive, as
administration expenses, a sum equivalent to one per cent per annum upon
the security money so deposited, which shall be deducted from the
interest earned on such security money from the banking organization and
shall be in lieu of all other administrative and custodial expenses
relating to the security deposit or advance. The balance of the interest
paid by the banking organization shall be the money of the lessee making
the deposit or advance and shall either be held in trust by the person
with whom such deposit or advance shall be made, until repaid or applied
for the use or rental of the personal property, or annually paid to the
lessee making the deposit of security money.