Arkansas Security Deposit Law: A Comprehensive Guide
Arkansas security deposit law defines how property owners can collect and manage security deposits. The amount landlords can collect hinges on their unit count and if they employ a property manager.
Arkansas security deposit law has specific limitations for those with over six units.
How Much Can Landlords Collect as Security Deposit?
Landlords in Arkansas can ask for a security deposit equaling two months’ rent. This ensures protection against potential damages or rent defaults. If a landlord owns fewer than six units and doesn’t hire a manager for renting, this limit doesn’t bind them.
Pet Fee Regulations
In Arkansas, landlords can charge a distinct pet deposit. The law exempts service pets, meaning those with disabilities using service pets aren’t obliged to pay extra. Yet, any damage from a service pet still makes the resident financially accountable.
Handling and Managing Security Deposits
Arkansas security deposit law doesn’t mandate landlords to keep security deposits in separate or escrow accounts. Moreover, landlords aren’t bound to inform residents about where the deposit is or disclose any interest earned on it.
Security Deposit Deductions
Landlords in Arkansas have the right to withhold parts of the security deposit for unpaid rent or damages surpassing normal wear and tear.
Returning the Security Deposit
When a lease ends in Arkansas and proper termination notice is given, landlords have 60 days to send a written notice and return the remaining security deposit, minus any deductions. This should be accompanied by a detailed list of deductions, if any.
Penalties for Not Returning the Security Deposit
If Arkansas landlords don’t return the deposit within 60 days, they could face penalties up to twice the deposit amount, along with court and attorney charges.
Claiming Security Deposit Funds
Upon vacating, Arkansas security deposit law requires landlords to send the security deposit through first-class mail to the tenant’s last known address. The onus is on the departing tenant to provide the correct address. If the mailed deposit returns and the tenant remains untraceable for 180 days, the deposit might be forfeited.
Applying Security Deposit to Last Month’s Rent
While renters can suggest using their security deposit for the final month’s rent, Arkansas security deposit law doesn’t compel landlords to agree. If agreed upon, both parties must document it in writing.
In conclusion, the Arkansas security deposit law offers detailed guidelines for property owners on handling security deposits, especially factoring in the number of units and the use of property management services. Landlords should maintain thorough records of their property conditions and ensure tenants are well-informed at the lease end.
Disclaimer
Qira strives to present the most recent information. This content is for reference only and shouldn’t substitute legal advice. Always consult official government sources for any law changes or updates.
