§ 31-44-7.1 - Security deposits. - Rhode Island Statutes

SECTION 31-44-7.1

   § 31-44-7.1  Security deposits. – In any rental agreement for the lease of a mobile home in which the licenseerequires the payment of a security deposit by the resident:

   (1) The deposit shall accumulate interest on an annual basisat the rate of three percent (3%).

   (2) No deposit will be required which is more than the amountof one month's rent.

   (3) The interest shall be paid to the resident annually orupon termination of the rental.

   (4) Upon termination of the rental, the licensee shall returnthe deposit along with accumulated interest within thirty (30) days, or shallprovide the resident with a written itemized list of damages caused by theresident during the rental, other than ordinary wear and tear, and return tothe resident the difference, if any, between the deposit and interest and thedamages sustained.

   (5) The resident shall provide the licensee with a forwardingaddress upon vacating the premises so as to permit the licensee to return thedeposit.

   (6) If the licensee fails to either return the deposit withinthirty (30) days or pay interest on it, he or she shall be liable for damagesnot to exceed twice the amount of the deposit and three (3) times the amount ofinterest due.

   (7) Any security deposits received by the licensee shall bedeposited in a savings account and earmarked specifically as a security depositaccount, and that fund shall not be used by the licensee for any purpose exceptas provided in subdivision (4) of this section.

   (8) No security deposit shall be required for the rental of amobile home lot or space.