Minnesota Session Laws - 1984, Regular Session

  

                         Laws of Minnesota 1984 

                        CHAPTER 565-S.F.No. 1337
           An act relating to landlords and tenants; increasing 
          the interest rate paid by landlords on rental deposits;
          amending Minnesota Statutes 1982, section 504.20, 
          subdivision 2. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1982, section 504.20, 
subdivision 2, is amended to read: 
    Subd. 2.  Any deposit of money shall not be considered 
received in a fiduciary capacity within the meaning of section 
82.17, subdivision 7, but shall be held by the landlord for the 
tenant who is party to the agreement and shall bear simple 
interest at the rate of five 5-1/2 percent per annum 
noncompounded, computed from the first day of the next month 
following the full payment of the deposit to the last day of the 
month in which the landlord, in good faith, complies with the 
requirements of subdivision 3 or to the date upon which judgment 
is entered in any civil action involving the landlord's 
liability for the deposit, whichever date is earlier.  Any 
interest amount less than $1 shall be excluded from the 
provisions of this section. 
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective October 1, 1984. 
    Approved April 26, 1984