Final answer:
When a landlord requires a security deposit, they must deposit the funds in compliance with the law, notify the tenant of the location of the funds, and return the funds within 15 days after the tenant vacates the premise or give notice of the intention to impose a claim against the security deposit.
Step-by-step explanation:
A. deposit the funds in compliance with Chapter 475, Florida statutes.
B. notify the tenant of the location of the funds within 20 days of receiving the funds.
C. pay interest at the rate of 5% per year, with disbursements at least once each year.
D. return the funds within 15 days after the tenant vacates the premise or give notice of the intention to impose a claim against the security deposit by certified mail.
When a landlord requires a security deposit, they have specific responsibilities. They must deposit the funds in compliance with the relevant statutes, notify the tenant of the location of the funds, and either return the funds within 15 days after the tenant vacates the premise or give notice of the intention to impose a claim against the security deposit. Paying interest at a rate of 5% per year is not a requirement.