Legal Question in Landlord & Tenant Law in Ohio

I live in an townhouse where I was required to pay a double security deposit because of bad credit. I found something in Ohio law 5321.16 Procedures for security deposits section A that they are required to pay interest on any amount over one months rent if they keep the deposit for over 6 months. I have lived here for 2 years and 4 months now and we had to pay more on our double deposit when we resigned our lease. Is this true do you know where I can get more information about this?

Asked on 9/05/13, 5:32 pm

1 Answer from Attorneys

Eric Willison Law Office of Eric E. Willison

In Ohio, it is true that landlords have to pay annual interest on any portion of the security deposit that is more than one months rent. However, I think that the interest rate is only 5 percent so it isn't likely to be a lot of money.

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Answered on 9/05/13, 5:52 pm

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