Legal Question in Landlord & Tenant Law in Massachusetts
interest on security deposit
I asked the question about the interest on the security deposit. Do I have to give the interest on a year to the tenant? I might have deleted the answer by mistake, because I have not received and answer.
Asked on 7/15/08, 10:24 am
1 Answer from Attorneys
Re: interest on security deposit
You are required to put the security depostit in a savings or interest baring account. You pay the interest you earn on the account, and you must disclose the bank in which the money is held and whether it is co-mingled with other deposits. If you fail to do this you must pay 5% interest on the se4curity deposit. In addition you are required to disburse the interest earned on the deposit at least once annually.
Answered on 7/15/08, 10:29 am
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