Arizona Laws 33-1431. Security deposits
A. A landlord shall not demand or receive as security, however denominated, prepaid rent in an amount or value in excess of two months’ rent. This subsection does not prohibit a tenant from voluntarily paying more than two months’ rent in advance.
Terms Used In Arizona Laws 33-1431
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Landlord: means the owner, lessor, sublessor or operator, or any combination thereof, of a mobile home park and it also means a manager of the premises who fails to disclose as required by section 33-1432. See Arizona Laws 33-1409
- Premises: means the mobile home park and its existing facilities and appurtenances, including furniture and utilities where applicable, and grounds, areas and existing facilities held out for the use of tenants generally or whose use is promised to the tenant. See Arizona Laws 33-1409
- Property: includes both real and personal property. See Arizona Laws 1-215
- Rent: means payments to be made to the landlord or designated agent in full consideration for the rented premises. See Arizona Laws 33-1409
- Rental agreement: means leases or agreements and valid rules adopted under section 33-1452 embodying the terms and conditions concerning the use and occupancy of a mobile home space and premises, and includes month-to-month tenancies that arise out of the expiration of a written rental agreement pursuant to section 33-1413. See Arizona Laws 33-1409
- security deposit: means any refundable money or property given to assure payment or performance under a rental agreement. See Arizona Laws 33-1409
- Tenant: means a person signing a rental agreement or otherwise agreeing with a landlord for the occupancy of a mobile home space. See Arizona Laws 33-1409
B. The landlord shall pay not less than five per cent annual interest on any damage, security, cleaning or landscaping deposit required by a landlord of a tenant. The landlord shall either pay the interest annually or compound the interest annually.
C. Upon termination of the tenancy, any security deposit, less any accrued rent and damages, if applicable, shall be returned to the tenant within fourteen days. The security deposit may be applied to the payment of accrued rent and the amount of damages which the landlord has suffered by reason of the tenant’s noncompliance with section 33-1451 if it is itemized by the landlord in a written notice delivered to the tenant together with the amount due within fourteen days of termination of the tenancy and delivery of possession by the tenant.
D. If the landlord fails to comply with subsections B and C of this section the tenant may recover the property and money due the tenant together with damages in an amount equal to twice the amount wrongfully withheld.
E. This section does not preclude the landlord or tenant from recovering other damages to which he may be entitled under this chapter.
F. The holder of the landlord’s interest in the premises at the time of the termination of the tenancy is bound by this section.
G. The amount of any security deposit shall not be changed after the tenant executes the initial rental agreement.