562B.13 Rental deposits. 1. A landlord shall not demand or receive as a security deposit an amount or value in excess of two months’ rent. 2. All rental deposits shall be held by the landlord for the tenant, who is a party to the agreement, in a bank, credit union, or savings and loan association which is insured by anagency of the federal government. Rental deposits shall not be commingled with the personalfunds of the landlord. All rental deposits may be held in a trust account, which may be acommon trust account and which may be an interest-bearing account. Any interest earnedon a rental deposit shall be the property of the landlord. 3. A landlord shall, within thirty days from the date of termination of the tenancy and receipt of the tenant’s mailing address or delivery instructions, return the rental depositto the tenant or furnish to the tenant a written statement showing the specific reason forwithholding of the rental deposit or any portion thereof. If the rental deposit or any portionof the rental deposit is withheld for the restoration of the manufactured or mobile homespace, the statement shall specify the nature of the damages. tion thereof. If the rental deposit or any portionof the rental deposit is withheld for the restoration of the manufactured or mobile homespace, the statement shall specify the nature of the damages. The landlord may withholdfrom the rental deposit only such amounts as are reasonably necessary for the followingreasons: a. To remedy a tenant’s default in the payment of rent or of other funds due to the landlord pursuant to the rental agreement. b. To restore the manufactured or mobile home space to its condition at the commencement of the tenancy, ordinary wear and tear excepted. c. To remove, store, and dispose of a manufactured or mobile home if it is abandoned as defined in section 562B.27. 4. In an action concerning the rental deposit, the burden of proving, by a preponderance of the evidence, the reason for withholding all or any portion of the rental deposit shall be onthe landlord. 5. A landlord who fails to provide a written statement within thirty days of termination of the tenancy and receipt of the tenant’s mailing address or delivery instructions shall forfeitall rights to withhold any portion of the rental deposit. statement within thirty days of termination of the tenancy and receipt of the tenant’s mailing address or delivery instructions shall forfeitall rights to withhold any portion of the rental deposit. If no mailing address or instructionsare provided to the landlord within one year from the termination of the tenancy the rentaldeposit shall revert to the landlord and the tenant will be deemed to have forfeited all rightsto the rental deposit. 6. a. Upon termination of a landlord’s interest in the manufactured home community or mobile home park, the landlord or the landlord’s agent shall, within a reasonable time,transfer the rental deposit, or any remainder after any lawful deductions to the landlord’ssuccessor in interest and notify the tenant of the transfer and of the transferee’s name andaddress or return the deposit, or any remainder after any lawful deductions to the tenant. b. Upon the termination of the landlord’s interest in the manufactured home community or mobile home park and compliance with the provisions of this subsection, the landlord shallbe relieved of any further liability with respect to the rental deposit. 7. he manufactured home community or mobile home park and compliance with the provisions of this subsection, the landlord shallbe relieved of any further liability with respect to the rental deposit. 7. Upon termination of the landlord’s interest in the manufactured home community or mobile home park, the landlord’s successor in interest shall have all the rights and obligationsof the landlord with respect to the rental deposits, except that if the tenant does not objectto the stated amount within twenty days after written notice to the tenant of the amount ofrental deposit being transferred or assumed, the obligations of the landlord’s successor toreturn the deposit shall be limited to the amount contained in the notice. The notice shallcontain a stamped envelope addressed to the landlord’s successor. 8. The bad faith retention of a deposit by a landlord, or any portion of the rental deposit, in violation of this section shall subject the landlord to punitive damages not to exceed twohundred dollars in addition to actual damages. [C79, 81, §562B.13]88 Acts, ch 1138, §15; 93 Acts, ch 154, §14; 2001 Acts, ch 153, §15, 16; 2001 Acts, ch 176, §80; 2010 Acts, ch 1017, §5, 11; 2013 Acts, ndred dollars in addition to actual damages. [C79, 81, §562B.13]88 Acts, ch 1138, §15; 93 Acts, ch 154, §14; 2001 Acts, ch 153, §15, 16; 2001 Acts, ch 176, §80; 2010 Acts, ch 1017, §5, 11; 2013 Acts, ch 30, §261 Sat Dec 23 11:06:46 2023 Iowa Code 2024, Section 562B.13 (22, 0)
Iowa Legal Code