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Senate committee hears opposing views on bill allowing recurring fee in lieu of security deposit
Summary
Sen. Mark Meek introduced SB 158 to let landlords and tenants agree to a recurring monthly fee instead of a lump-sum security deposit; proponents say it lowers move-in barriers, while tenant advocates warned of consumer-protection gaps, potential for higher long-term cost and subrogation risks.
Senate Committee on Housing and Development members held a public hearing Feb. 19 on Senate Bill 158, introduced by Sen. Mark Meek, which would allow landlords and tenants to voluntarily agree to a recurring fee in lieu of a traditional refundable security deposit and set requirements for that agreement.
Sen. Mark Meek, sponsor of the bill, described the proposal as "a common sense solution to one of the biggest financial barriers that renters face, the high cost of a security deposit." Meek said the recurring-fee option would be voluntary for both parties, could be partially or fully refundable depending on the agreement, and would prohibit landlords from collecting both a deposit and a fee for the same tenancy.
Supporters from the rental industry said the option can improve tenant cash flow and speed access to housing. Jonathan…
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