WebNo. The full text of the Landlord-Tenant Act (specifically, section 554.614 of Act 348 of the year 1972) makes no mention of this. Searching the law for "interest" doesn't yield anything of interest (pardon the pun).. Specifically, section 554.604 of the same law states that: (2) The bond shall be for the benefit of persons making security deposits with the landlord.
Michigan Landlord Tenant Laws [2024 ]: Renter
WebFeb 20, 2024 · Similarly, Michigan’s Landlord and Tenant Relationships Act prohibits a landlord from taking a security deposit in excess of one and one-half months’ rent (see MCL 554.602). These limitations are in place to protect residential tenants who may be unsophisticated and lack the financial means to hire an attorney to negotiate or review … WebJan 6, 2024 · Landlords in Michigan must hold security deposits in one of two places: a regulated financial institution or by posting a cash or surety bond. [7] Option 1: Regulated … children luxury fashion
Security Deposit: Everything Landlords Should Know Baselane
WebMichigan’s Security Deposit Law applies to agreements for rental units. A rental unit is a structure used as a home by a single person or family. It includes apartments, boarding … WebMar 16, 2024 · Illinois Security Deposit Laws. Maximum Security Deposit: No state law. Check with your local city and county laws for maximum security deposit amounts. Number of Days to Return the Remaining Deposit Funds and/or Accounting Paperwork: 30 – 45 days, depending on whether any deductions were made to cover damages and repairs. A … WebSection 554.603. 554.603 Security deposit; notice. Sec. 3. A landlord shall not require a security deposit unless he notifies the tenant no later than 14 days from the date a tenant assumes possession in a written instrument of the landlord's name and address for receipt of communications under this act, the name and address of the financial ... children lung asthma specialist