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Returning Member

Investors & landlords

This is not a security deposit.  MA law requires a security deposit be kept in a local bank under a special account which does not generate a 1099-INT.  However, the same law does not pose any requirement for a last month rent deposit as far as where it’s held.  Interest earned is always the tenant’s.  If landlord keeps it below the mattress then they have to pay tenant 5%APR