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1995 SESSION

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HB 2430 Residential Landlord and Tenant Act; security deposits.

Introduced by: Clinton Miller (by request) | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Residential Landlord and Tenant Act; security deposits. Allows landlords owning 48 or more rental units, where the individual rental agreements for such units provide for the termination of the tenancies on the same date, (i) to give the required written notice and return of the security deposit due the tenants within 60 days after termination of the tenancy and delivery of the possession and (ii) to pay interest on such security deposits held for a period exceeding 14 months. Current law requires written notice and return of security deposits within 30 days, and interest to be paid on security deposits held for a period in excess 13 months.


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