RI S2973

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 termination of tenancy, landlords must return the 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 deposits within 20 days after tenancy termination, delivery of possession, or receipt of tenant's forwarding address.

Takes effect upon passage.