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Compatible state(s): New Jersey

Yearly Interest Statement for Security Deposit (NJ)

Many states require a landlord to pay their tenants interest on the security deposit once they have lived in the premises for a certain amount of time. Usually this time period is one year (two years in Pennsylvania). This statement should be sent to tenants at the time that you pay the interest they are due. In some states, this written statement is required and there can be harsh penalties for landlords who do not comply. In other states it is optional to send a written statement, but it is still advisable so that you have documentation of compliance with your state's security deposit laws. In either case, this document will conform to the specific requirements of your state.

This statement can be used whether or not there is a written agreement in place, such as a lease, and for tenancies of up to 6 tenants. It is only appropriate for use where the tenancy is still continuing. It is not appropriate for use where the tenancy has come to an end and you are paying interest due/returning the security deposit.

Self Service

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Included in this service:

Yearly Interest Statement for Security Deposit (T2) (Guidance Notes)