Rhode Island S2973 requires landlords of six or more units to pay interest on tenants' security deposits.
Rhode Island S2973 amends the Residential Landlord and Tenant Act to mandate that landlords of six or more units hold tenants' security deposits in federally insured accounts that earn interest. Upon termination of the tenancy, landlords must pay tenants the full security deposit plus any accrued interest, minus allowable deductions for unpaid rent, cleaning, and damages. Failure to comply allows tenants to recover the deposit, damages, and attorney fees. This act takes effect upon passage.
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