Does Michigan Law require landlords to pay interest on renters' security deposits?

Question

Does Michigan Law require landlords to pay interest on renters' security deposits?

Is there a link/site I can go to check this?

Also at what rate?

Answer 1

This should help:

A Practical Guide for Tenants and Landlords
prepared by the Michigan Legislature

http://www.michigan.gov/documents/Landlord__Tenant_Guide_10-2005_142052_7.pdf

Specifically, there is a whole chapter that deals with security deposits.

Here is brief excerpt:

The security deposit is an amount of
money paid by the tenant to the landlord—
other than the first rent payment (whatever
period is established in the lease: weekly rent
payment, monthly rent payment, semiannual
rent payment, and so on). The security deposit
remains the tenant’s property, but is held by
the landlord for the term of the lease to ensure
that the tenant pays the rent due, pays the
utility bills, and returns the rented property in
proper condition, as required by the lease. It is
held as security as the name implies.

Once the lease is terminated, the tenant
has the right to have the entire security
deposit returned unless the landlord can
substantiate a claim to it ...


The way I read that, renters are entitled to the entire amount back (with conditions) but it does not say "with interest."

I recommend that you read the rest of the section to see if it clarifies, or you can contact the state of Michigan (check the official state web site http://www.michigan.gov for appropriate contact information) to be sure. Also you can check the laws in Michigan on escrow accounts, whether they are required to be interest bearing accounts, and if so, how the interest is distributed.

Happy reading!

Answer 2

The best place to go look for information is on the State of Michigan website - look for code that involved Landlord - Tenant law.

I found some information here but didn't read through it all:
http://www.megalaw.com/mi/top/milandlord.php

Answer 3

look at your hire and notice if those expenditures for cleansing are notated. regardless of in case you wiped clean like mad, landlords seldom enable a tenant off without cleansing charge. maximum places right here in California ask for $one hundred cleansing cost till now you progression in with the deposit. I dont think of they overcharged you. some landlords attempt to charge the tenant for a clean carpet. This one sounds clever whilst in comparison with maximum. Did you pay a separate cleansing cost once you moved in?