December 13, 2017

CT nudges '18 security-deposit rate slightly higher

Connecticut's bank regulator has reset slightly higher the 2018 deposit index that landlords and tenants use to calculate the interest on housing deposits.

State Department of Banking Commissioner Jorge Perez announced the 2018 index is 0.09 percent vs. the 2017 index of 0.08 percent.

The deposit index is based on average rates paid on savings deposits and must be determined annually by the banking commissioner.

Under state law, landlords must return tenants' security deposits with interest or give tenants written notice of damages being claimed within 30 days of when tenants move.

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