A security deposit receipt is a document that a landlord gives a tenant to show they received a security deposit payment. It includes the date the landlord received the deposit, the deposit amount, the tenant’s name, and the name and location of the bank or institution where the landlord will store the deposit. If required, it may also specify the account number.
This document helps landlords distribute security deposit receipts in compliance with states that require them. Even in states that don’t require security deposit receipts, these documents help landlords showcase their professionalism and promote financial clarity. Furthermore, these receipts help facilitate the return of deposits at the end of a lease if the tenant qualifies for a refund.
How Much Can a Landlord Charge for a Security Deposit?
Refer to this state table to determine how much a landlord can request for a security deposit. The maximum allowed amount will vary depending on the state.
States That Require a Security Deposit Receipt
Here are the states that require a landlord to distribute a receipt upon receiving a security deposit:
| State | Law | How Long Does the Landlord Have to Distribute the Receipt? |
|---|---|---|
| District of Columbia | D.C. Mun. Regs. tit. 14, r. 14-306 | State law doesn't specify |
| Florida | Fla. Stat. § 83.49 | 30 days |
| Illinois | Municipal Code of Chicago § 5-12-080 (Chicago only) | State law doesn't specify |
| Kentucky | Ky. Rev. Stat. § 383.580 | State law doesn't specify |
| Maryland | Md. Code, Real. Prop. § 8-203 | 30 days |
| Massachusetts | Mass. Gen. Laws ch. 186 § 15B | At the time of receipt of payment |
| Michigan | Mich. Comp. Laws § 554.603 | 14 days |
| New Hampshire | NH Rev. Stat. § 540-A:6 | 5 days |
| New York | NY Gen Oblig L § 7-103 | State law doesn't specify |
| North Carolina | NC Gen. Stat. § 42-50 | 30 days |
| Oregon | Portland Municipal Code § 30.01.087 (Portland only) | City law doesn't specify |
| Pennsylvania | 68 Pa. Stat. § 250.511b | State law doesn't specify |
| Washington | Wash. Rev. Code § 59.18.270 | State law doesn't specify |
