Residential Tenancies

This bill updates Florida's residential tenancy laws by formally defining "Florida financial institution" to include specific types of banks and credit unions with insured deposits. It requires landlords holding tenant security deposits or advance rent to place those funds in separate accounts at these approved institutions, either in non-interest-bearing accounts or interest-bearing accounts where tenants receive at least 75% of the interest earned or a 5% annual rate. The legislation also clarifies that fees or bonds used instead of traditional security deposits are not classified as security deposits and updates fire safety requirements for certain multi-story lodging and timeshare buildings. These changes directly affect landlords, tenants, and financial institutions operating within the state.