AN ACT DEFINING ADVANCE RENTAL PAYMENTS.

SB 333 defines "advance rental payment" as a prepayment for rent not yet due (up to the remaining lease term), excluding security deposits. It sets security deposit limits at two months' rent for tenants under 62 and one month's rent for tenants 62 or older, requiring landlords to refund excess amounts when a tenant turns 62. The bill also prohibits landlords from charging application fees, move-in/move-out fees, or other pre-tenancy charges beyond security deposits, advance payments, key deposits, or tenant screening reports. These changes directly affect residential landlords and tenants in rental agreements across the state.