Comments on: Is it true that in PA, a tenant does NOT need to be refunded interest on their security deposit if < 2 years? http://www.sellflatfast.co.uk/flat-mortgage/is-it-true-that-in-pa-a-tenant-does-not-need-to-be-refunded-interest-on-their-security-deposit-if-2-years/ Sell your flat fast for cash Sat, 26 May 2012 16:45:57 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: KAT http://www.sellflatfast.co.uk/flat-mortgage/is-it-true-that-in-pa-a-tenant-does-not-need-to-be-refunded-interest-on-their-security-deposit-if-2-years/comment-page-1/#comment-1816 KAT Wed, 21 Jul 2010 12:01:28 +0000 http://www.sellflatfast.co.uk/flat-mortgage/is-it-true-that-in-pa-a-tenant-does-not-need-to-be-refunded-interest-on-their-security-deposit-if-2-years/#comment-1816 Call your Public Protection Division in your county They have the laws and will tell you. I live in PA and that number is in your phone book. They also have a Hotline right in their office and lawyers. Anyone there will give you the correct answer. Call your Public Protection Division in your county They have the laws and will tell you. I live in PA and that number is in your phone book. They also have a Hotline right in their office and lawyers. Anyone there will give you the correct answer.

]]> By: gobonzzo http://www.sellflatfast.co.uk/flat-mortgage/is-it-true-that-in-pa-a-tenant-does-not-need-to-be-refunded-interest-on-their-security-deposit-if-2-years/comment-page-1/#comment-1815 gobonzzo Sun, 18 Jul 2010 19:14:54 +0000 http://www.sellflatfast.co.uk/flat-mortgage/is-it-true-that-in-pa-a-tenant-does-not-need-to-be-refunded-interest-on-their-security-deposit-if-2-years/#comment-1815 Nowhere in this does it say what you assume. You are blindly reading something into it that is just not there. This talks about the manner of depositing a tenant's security and a deduction for adminstrative expenses after two years. It DOES NOT say the interest does not have to be refunded anywhere in this. In other words, if you are holding a tenant's security deposit for a period of LESS THAN two years it does not have to be deposited in an escrow account of an institution regulated by the Federal Reserve Board and you MAY NOT deduct anything for expenses. So after holding the money for two years you must deposit it as specified and may deduct an administrative expense for doing so. You must also pay interst to the tenant ANNUALLY on the anniversary date of the lease. This means you must pay the interst to the tenant every year. You dont't get to keep it ever, except for the 1% as expenses (if it is earning 4%, you get 1% and the tenant gets 3%.). Nowhere in this does it say what you assume. You are blindly reading something into it that is just not there.

This talks about the manner of depositing a tenant’s security and a deduction for adminstrative expenses after two years. It DOES NOT say the interest does not have to be refunded anywhere in this.

In other words, if you are holding a tenant’s security deposit for a period of LESS THAN two years it does not have to be deposited in an escrow account of an institution regulated by the Federal Reserve Board and you MAY NOT deduct anything for expenses. So after holding the money for two years you must deposit it as specified and may deduct an administrative expense for doing so. You must also pay interst to the tenant ANNUALLY on the anniversary date of the lease. This means you must pay the interst to the tenant every year. You dont’t get to keep it ever, except for the 1% as expenses (if it is earning 4%, you get 1% and the tenant gets 3%.).

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