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Text: SF00475                           Text: SF00477
Text: SF00400 - SF00499                 Text: SF Index
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Senate File 476

Partial Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 562A.12, subsection 2, Code 1995, is
  1  2 amended to read as follows:
  1  3    2.  All rental deposits shall be held by the landlord for
  1  4 the tenant, who is a party to the agreement, in a bank, or
  1  5 savings and loan association, or credit union which is insured
  1  6 by an agency of the federal government.  Rental deposits shall
  1  7 not be commingled with the personal funds of the landlord.
  1  8 Notwithstanding the provisions of chapter 543B, all rental
  1  9 deposits may be held in a trust account, which may be a common
  1 10 trust account and which may be an interest bearing account.
  1 11 Any interest earned on a rental deposit during the first five
  1 12 years of a tenancy shall be the property of the landlord.
  1 13 Rental deposits shall be held in an interest-bearing account
  1 14 beginning with the sixth year of tenancy.  Interest earned on
  1 15 a rental deposit beginning the sixth year of tenancy shall be
  1 16 the property of the tenant.  For the purposes of this section,
  1 17 "rental deposit" includes any interest owed the tenant under
  1 18 this subsection.
  1 19    Sec. 2.  Section 562B.13, subsection 2, Code 1995, is
  1 20 amended to read as follows:
  1 21    2.  All rental deposits shall be held by the landlord for
  1 22 the tenant, who is a party to the agreement, in a bank, credit
  1 23 union or savings and loan association, or credit union which
  1 24 is insured by an agency of the federal government.  Rental
  1 25 deposits shall not be commingled with the personal funds of
  1 26 the landlord.  All rental deposits may be held in a trust
  1 27 account, which may be a common trust account and which may be
  1 28 an interest bearing account.  Any interest earned on a rental
  1 29 deposit during the first five years of a tenancy shall be the
  1 30 property of the landlord.  Rental deposits shall be held in an
  1 31 interest-bearing account beginning with the sixth year of
  1 32 tenancy.  Interest earned on a rental deposit beginning the
  1 33 sixth year of tenancy shall be the property of the tenant.
  1 34 For the purposes of this section, "rental deposit" includes
  1 35 interest owed the tenant under this subsection.  
  2  1                           EXPLANATION
  2  2    This bill provides that rental deposits shall be held in
  2  3 interest-bearing accounts starting with the sixth year of
  2  4 tenancy and that the interest earned on a rental deposit
  2  5 starting in the sixth year of tenancy shall be the property of
  2  6 the tenant.  The bill applies to both residential and mobile
  2  7 home rental agreements.  
  2  8 LSB 2536SV 76
  2  9 mk/jw/5
     
Text: SF00475                           Text: SF00477
Text: SF00400 - SF00499                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index
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