Rhode Island H8113 requires landlords of six or more units to pay interest on tenants' security deposits.

Rhode Island H8113 amends the Residential Landlord and Tenant Act to mandate that landlords of six or more dwelling units deposit tenants' security deposits into federally insured accounts earning interest. Upon termination of the tenancy, landlords must return the entire deposit plus accrued interest, minus any allowable deductions. The act also allows landlords to charge a separate furniture security deposit if the replacement value of furnished items is $5,000 or more. The interest earned on security deposits belongs to the tenant.

Rhode Island H8113 requires landlords of six or more units to pay interest on tenants' security deposits.

Rhode Island H8113 amends the Residential Landlord and Tenant Act to mandate that landlords of six or more dwelling units deposit tenants' security deposits into federally insured accounts earning interest. Upon termination of the tenancy, landlords must return the entire deposit plus accrued interest, minus any allowable deductions. The act also allows landlords to charge a separate furniture security deposit if the replacement value of furnished items is $5,000 or more. The interest earned on security deposits belongs to the tenant.