LegalFix
Sign In

Section 46:8-21.2 - Limitation on amount of deposit

NJ Rev Stat § 46:8-21.2 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

46:8-21.2. Limitation on amount of deposit

4. An owner or lessee may not require more than a sum equal to 1 1/2 times 1 month's rental according to the terms of contract, lease, or agreement as a security for the use or rental of real property used for dwelling purposes. Whenever an owner or lessee collects from a tenant an additional amount of security deposit, the amount collected annually as additional security shall not be greater than 10 percent of the current security deposit.

L.1971,c.223,s.4; amended 2003, c.188, s.5.

Previous Section
Section 46:8-21.1 - Return of deposit; displaced tenant; termination of lease; civil penalties, certain.
Next Section
Section 46:8-21.3 - Security deposits prior to effective date of act; date of compliance