Interest on Sec Dep (by Cheryl [NH]) Sep 4, 2008 6:01 AM|
Interest on Sec Dep (by nhsailmaker [NH]) Sep 4, 2008 4:05 PM
Interest on Sec Dep (by Cheryl [NH]) Posted on: Sep 4, 2008 6:01 AM
State Specific Question About: NEW HAMPSHIRE (NH)
Does anyone know if we have to pay interest on security deposits when a tenant leaves in NH? I usually do if the deposit is held more than a year but was just curious as to whether it is actually a state law - I couldn't find anything..
Interest on Sec Dep (by nhsailmaker [NH]) Posted on: Sep 4, 2008 4:05 PM
IV. (a) A landlord who holds a security deposit for a period of one year or longer shall pay to the tenant interest on the deposit at a rate equal to the interest rate paid on regular savings accounts in the New Hampshire bank, savings and loan association, or credit union in which it is deposited, commencing from the date the landlord receives the deposit or from September 13, 1977, whichever is later. If a landlord mingles security deposits in a single account under RSA 540-A:6, II(b), the landlord shall pay the actual interest earned on such account proportionately to each tenant.