Relates to interest on money deposited or advanced for the rental of property from an aggregate portfolio of six or more rental units

This bill updates state laws to require landlords managing six or more rental units to place tenant security deposits in interest-bearing accounts. Under the new rules, these funds must earn interest at the prevailing rate offered by local banks for similar deposits. The legislation applies to both individual properties with multiple units and larger portfolios containing six or more units. Landlords receiving these deposits would be directly affected by the requirement to maintain the money in an account that generates interest for tenants. The changes will take effect 90 days after the bill is signed into law.