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OK HB1577

Bill

Official Source

Status

Passed

4/20/2015

Primary Sponsor

Patrick Anderson

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Extends the time limit for landlords to return security deposits from thirty (30) days to forty-five (45) days after tenancy termination, delivery of possession, and written demand by the tenant
  • Requires security deposits be held in an escrow account at a federally insured financial institution in Oklahoma, with misappropriation punishable by up to six (6) months county jail time and a fine up to twice the misappropriated amount
  • Allows landlords to retain security deposits for unpaid rent and damages if itemized in a written statement sent by certified mail or delivered in person to the tenant
  • If a tenant does not demand the deposit within six (6) months after tenancy termination, the deposit reverts to the landlord as compensation for escrow account maintenance costs
  • Becomes effective November 1, 2015

Legislative Description

Landlord and tenant; modifying time limit for landlord to return security deposit; effective date.

Property

Last Action

Approved by Governor 04/20/2015

4/20/2015

Committee Referrals

Judiciary3/5/2015
Economic Development, Commerce, and Real Estate2/3/2015

Full Bill Text

No bill text available