§ 1805

Citation: § 1805
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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downturn. As a practical matter, tenants enjoy the benefit of a three-year certificate of deposit—locking in a higher rate of interest than on other deposit accounts—without incurring the corresponding burden—a penalty for early withdrawal. Many tenants have month-to-month tenancies, terminable on 30 days’ notice. (See Civ. Code, §§ 1945, 1946.) Within three weeks after a tenant vacates the premises, a landlord must (1) give the tenant an itemized statement indicating the basis for retaining any part of the security deposit and (2) refund the deposit or, where appropriate, the remaining portion of the deposit. (Civ. Code, § 1950.5, subd. (f).) As a result, landlords must keep security deposit funds relatively liquid in order to return security deposits, in whole or in part, on short notice. Yet, the Board insists that landlords pay interest on security deposits at a rate commensurate with a longer term investment.

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