Landlords must now offer tenants the option to:
- Pay the Security Deposit in full at the time the lease is signed.
- Pay the Security Deposit in installments of not less than 3 equal installments.
- Purchase Rental Security Deposit Insurance.
These provisions apply only if the security deposit is more than 60% of the monthly rent amount.
Landlords are advised to change their rental policies and procedures to comply with this new law
(City Council Bill 21-0022).