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Barrister
Barrister, Lawyer
Category: Consumer Protection Law
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What is the minimum interest rate that landlords must pay tenants

Resolved Question:

What is the minimum interest rate that landlords must pay tenants on rent deposits?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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I need to know what state you are in since landlord tenant laws vary by state.
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Thanks
Barrister
Customer: replied 1 year ago.

Thank you for the quick response. The state is Minnesota. And I meant security deposit (as opposed to rent deposit) - if that makes a difference.

Expert:  Barrister replied 1 year ago.
You are very welcome. In MN, security deposits are governed by Minnesota Statutes Annotated §§ 504B.175 and 178. Under 178 it states that a security deposit shall be held by the landlord and bear interest at 1%.
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Subd. 2.Interest.

Any deposit of money shall not be considered received in a fiduciary capacity within the meaning of section 82.55, subdivision 26, but shall be held by the landlord for the tenant who is party to the agreement and shall bear simple noncompounded interest at the rate of three percent per annum until August 1, 2003, and one percent per annum thereafter, 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.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Satisfied Customers: 24259
Experience: Attorney with 14 years experience in various consumer protection areas
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Barrister
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Attorney with 14 years experience in various consumer protection areas