If you are a tenant or a landlord you should stay updated with all the latest laws and regulations that effect the rentals. But how to do so! Well, don’t worry! I have you covered for that! In this blog, we’ll talk about the latest law limiting security deposits.
What’s the Update on the New Law Limiting the Security Deposits?
This new law – AB 12 by Assemblyman Matt Haney, D-San Francisco – effective July 1 limits the security deposits to one month for both furnished and unfurnished units. This is a major change from the previous laws. Besides, you should know that the previous law had given the landlords the freedom to charge up to two months’ rent for an unfurnished unit and three months’ rent for a furnished one. This was a lot of burden for the tenants. After all, they had to give a big chunk of their money to the tenants.
“It is very important for the landlords around California to thoroughly understand these new security deposit regulations.” – Whitney Prout, Vice President of Legal Affairs, CAA
Exceptions of the New Law
Activities By CAA Regarding the Law
To make sure that all the tenants and landlords thoroughly understand the law, the California Apartment Association conducted a webinar on July 30 titled Security Deposits Ins and Outs. Using this occasion, the associate explained key requirements of the law, recent changes, maximum allowed security deposits, and permissible deductions. The panel of webinar also took questions from the attendees to make sure all the common concerns are thoroughly addressed.
Ending Thoughts!
This new law for Security Deposits in California is a major relief for the tenants. After all, it saves their money and lightens the burden on their shoulder. If you want to know more about this law or any other rental regulations, Evelyn Baez Nguyen is ready to answer them! Connect with her now!
