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MO SB309
Bill
Status
1/26/2015
Primary Sponsor
Shalonn Curls
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AI Summary
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Requires landlords to hold security deposits in a bank, credit union, or federally-insured depository institution, separate from personal funds, though deposits may be held in a common trust account
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Permits landlords to hold security deposits in interest-bearing accounts, with any interest earned becoming the property of the landlord
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Changes tenant recovery for wrongfully withheld deposits from "not more than twice" to exactly "twice" the amount wrongfully withheld, removing the cap language
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Maintains existing provisions: maximum deposit of two months' rent, 30-day return deadline, tenant's right to attend move-out inspection, and landlord's ability to withhold for unpaid rent, damages beyond normal wear, or inadequate notice
Legislative Description
Provides that a landlord must keep security deposits in a depository institution and changes the amount a tenant can recover when the security deposit is wrongfully withheld
Last Action
Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee
2/12/2015