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A Concise Guide To Security Deposits In Residential Tenancies Under Maryland Law
By: Marc Rapaport, Esq. (Law Offices of Marc A. Rapaport)
The Maryland Code strictly regulates the amount of security that a landlord may require a residential tenant to provide. The Maryland Code also has detailed rules regarding the procedures that a landlord must follow in accepting and maintaining security deposits from residential tenants and/or prospective tenants
- Maximum Amount of Security that a Landlord May Require.
A Maryland landlord may not impose a security deposit in excess of the equivalent of two months’ rent per dwelling unit, regardless of the number of tenants/prospective tenants. Maryland Code, § 8-203(b)(1). If a landlord charges more than this amount, the tenant may recover “up to threefold the extra amount charged, plus reasonable attorney’s fees.” Maryland Code, § 8-203(b)(2).
- Procedures Relating to Accepting and Maintaining Security Deposits.
Receipts for Security Deposits
A Maryland landlord is required to provide a residential tenant with a receipt for the security deposit. Maryland Code, § 8-203(c). The receipt must be included in a written lease. The receipt must contain specific notices to the tenant, all of which are set forth in § 8-203.1(a) of the Maryland Code. A landlord is required to retain a copy of the receipt for at least two years. You may download a Maryland Security Deposit Receipt Form that meets all of the requirements of the Maryland Code on the Forms page of this site.
Maintenance of the Security Deposit in a Financial Institution
The Maryland Code requires landlords to maintain all security deposits (received and held in connection with residential leases) in a federally insured financial institution which conduct business in the State of Maryland. The security deposit must be deposited in an account within 30 days after the landlord receives it. Alternatively, the landlord may also hold the security deposit in insured certificates of deposit at branches of federally insured financial institutions.
- Returning Security Deposits to Tenants.
Within 45 days after the end of the tenancy, the landlord shall return the security deposit to the tenant, together with simple interest which as accrued in the amount of 3 percent per annum, less any damages rightfully withheld. Maryland Code, § 8-203(e)(1).
If the landlord fails to return any part of the security deposit “without a reasonable basis”, the tenant may pursue a cause of action against the landlord for up to threefold of the amount withheld, plus reasonable attorney’s fees. Maryland Code, § 8-203(e)(4). |
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