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SF 645

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
  1.1                          A bill for an act 
  1.2             relating to landlords and tenants; providing for 
  1.3             interest rates on security deposits; amending 
  1.4             Minnesota Statutes 2002, section 504B.178, subdivision 
  1.5             2. 
  1.7      Section 1.  Minnesota Statutes 2002, section 504B.178, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [INTEREST.] Any deposit of money shall not be 
  1.10  considered received in a fiduciary capacity within the meaning 
  1.11  of section 82.17, subdivision 7, but shall be held by the 
  1.12  landlord for the tenant who is party to the agreement and shall 
  1.13  bear simple noncompounded interest at the rate of three percent 
  1.14  per annum until May 1, 2004 August 1, 2003, and four one percent 
  1.15  per annum thereafter, computed from the first day of the next 
  1.16  month following the full payment of the deposit to the last day 
  1.17  of the month in which the landlord, in good faith, complies with 
  1.18  the requirements of subdivision 3 or to the date upon which 
  1.19  judgment is entered in any civil action involving the landlord's 
  1.20  liability for the deposit, whichever date is earlier.  Any 
  1.21  interest amount less than $1 shall be excluded from the 
  1.22  provisions of this section.