Does a landlord have to pay interest on a security deposit in Maryland?
Yes. Maryland requires a landlord to pay the tenant interest on a security deposit. Simple interest at the greater of 1.5 % a year or the daily U.S. Treasury yield curve rate for 1 year as of the first business day of the year, accruing monthly, owed once the deposit has been held 6 months, on deposits of $50 or more. The deposit itself must be returned within 45 days of the end of the tenancy. This is Md. Code, Real Prop. § 8-203.
| What | Maryland |
|---|---|
| Interest payable | Yes |
| How it works | Simple interest at the greater of 1.5 % a year or the daily U.S. Treasury yield curve rate for 1 year as of the first business day of the year, accruing monthly, owed once the deposit has been held 6 months, on deposits of $50 or more. |
| Deadline to return the deposit | 45 days |
Source
Md. Code, Real Prop. § 8-203
Read the statute in the Maryland Code (Maryland General Assembly): mgaleg.maryland.gov.
This is a summary of a published statute, not legal advice. Rules change, local ordinances can add to them, and the terms of a specific lease may differ. Check the citation and speak to a lawyer before acting.
How Seayora uses this rule
Seayora computes the deadline this rule sets from the tenancy’s own dates, shows it on the deposit statement, and reminds the landlord before it falls due — so the answer above is not reference material sitting beside the product, it is the rule the product enforces.
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The same question in other states
- Connecticut
- District of Columbia
- Illinois
- Iowa
- Massachusetts
- Minnesota
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Dakota
- Ohio