Raised Bill No. 987 - Advance Rental Payments

• Removes security deposit limits previously capped at two months' rent for tenants under 62 and one month's rent for tenants 62 and older, allowing landlords to charge unlimited advance rental payments.

• Redefines "security deposit" to include any advance rental payment or installment payment, except first month's rent or deposits for keys/special equipment.

• Maintains existing requirements that landlords immediately deposit security deposits into escrow accounts, pay annual interest, return deposits within 30 days after tenancy termination or 15 days after receiving forwarding address (whichever is later), and provide itemized damage statements.

• Applies changes to state assistance programs by requiring recipients of temporary family assistance, general assistance, or supplemental security income who receive security deposit benefits to agree the deposit and accrued interest be returned to the Department of Social Services upon vacating the housing.

• Effective date October 1, 2023 for all provisions affecting security deposit laws and related state statutes.