Relates to permitting lessees the option to pay security deposits in installments

This bill allows tenants in rental agreements for one year or longer to pay security deposits in up to six equal monthly installments, rather than as a single upfront payment. Landlords cannot charge extra fees or interest for this installment option, and rental agreements must clearly state the total deposit amount and each installment amount. The law applies to security deposits, advances, or non-refundable fees used as down payments for rental properties. Violations by landlords could result in civil fines up to 15% of the annual rent.