Texas HB1299 amends the definition of a security deposit in residential leases.

Texas HB1299 amends the Texas Property Code to redefine a security deposit. It specifies that any advance of money, excluding rental application deposits or advance rent payments, intended to secure performance under a lease or to secure payment for damages is considered a security deposit. This includes any refundable or nonrefundable fee or charge required by a landlord for damages, regardless of designation. The changes apply to leases entered into or renewed after the effective date of the Act. Leases entered into or renewed before the effective date remain governed by previous law.

Texas HB1299 amends the definition of a security deposit in residential leases.

Texas HB1299 amends the Texas Property Code to redefine a security deposit. It specifies that any advance of money, excluding rental application deposits or advance rent payments, intended to secure performance under a lease or to secure payment for damages is considered a security deposit. This includes any refundable or nonrefundable fee or charge required by a landlord for damages, regardless of designation. The changes apply to leases entered into or renewed after the effective date of the Act. Leases entered into or renewed before the effective date remain governed by previous law.