RI H8113

Landlords with 6 or more dwelling units must deposit tenant security deposits into federally insured interest-bearing accounts at the prevailing market rate for regular savings accounts

All interest accrued on security deposits becomes the property of the tenant

Upon tenancy termination, landlords must return the full security deposit plus all accrued interest, minus allowable deductions for unpaid rent, cleaning, trash disposal, and damages beyond ordinary wear and tear

Landlords must provide written itemized notice and return the deposit with interest within 20 days of tenancy termination, delivery of possession, or receipt of tenant's forwarding address

Effective upon passage