Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)

Citation: Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)
Parent Document: Action Apartment Ass'n v. Santa Monica Rent Control Board, 114 Cal. Rptr. 2d 412 (2002)
Jurisdiction: California (state)
Effective Date: 2002-01-03
Original Source: https://www.courtlistener.com/opinion/2274225/action-apartment-assn-v-santa-m... ↗

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On January 28, 1999, the Board approved regulations stating: “A landlord shall pay 3% simple interest per annum on all security deposits held for [at] least one year. The Rent Control Board shall review the market interest rates at least every three years to determine the rate for the next three years. [H] . . . Interest shall begin accruing on January 1, 1999. A tenant shall be given unpaid accrued interest either by direct payment or by a credit against the tenant’s rent.” (Santa Monica Rent Bd. Regs., reg. No. 14001(b), (c).)

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