Most landlords of residential properties require a security deposit. The purpose of a security deposit is to provide compensation to the landlord in the event that the tenant causes damage to the property.
Landlords must place security deposits into separate accounts and pay interest on the security deposit as provided by law. Landlords must also return the deposit, plus interest, at the end of the lease.
If a landlord does not return the deposit, the landlord must furnish the tenant a written statement of the reasons why he/she is Withholding the security deposit. This statement must be sent to the tenant within 2l days after the tenant vacates the property. If the landlord does not provide this notice, then a tenant may bring a court action against the landlord for return of the deposit, plus penalties.