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Wednesday, September 25, 2013
California Legislative Alerts:On this page, Consumer Action highlights important California legislation and other state issues related to housing.
NEW: SB 603 Protects Renters' Security Deposits
15 million renters live in California, and improper withholding of security deposits is a troublingly common complaint. In a recent survey by Tenants Together, over 60% reported unfair withholding of their deposit money.
SB 603 (D-Leno) would require that deposit funds be held in separate accounts, require interest payments to tenants on any funds held, and impose penalties if deposit funds are improperly withheld at the end of a tenancy.
Landlords hold billions of dollars in security deposits and improper withholding has become so common that some tenants take a fatalistic view that they are unlikely to ever see their deposit money again. Security deposits are among the largest financial assets, and sometimes the only asset, that many tenants have. For many renters, deposits can be thousands of dollars, and these assets deserve to be protected.
To write to your lawmaker about these bills, click here to use our California Action Center.
Update: The bill failed passge, and is now a two-year bill. Check back in 2014 when it will have another chance.
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