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What is a Security Deposit?
A security deposit is any advance rental payment other than an advance for the first month’s rent or a deposit for a key or any special equipment. A security deposit remains the tenant’s property but the landlord holds a security interest in it. Security deposits must be kept in an escrow account in a Connecticut bank.
You can find more information on issues related to security deposits on the web at Rental Security Deposits: Key Issues for Landlords and Tenants by the State of Connecticut Department of Banking
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SOURCES: Security Deposits:Key Issues for Landlords and Tenants, Connecticut Department of Banking
PREPARED BY: 211/kq
CONTENT LAST REVIEWED: March2020