New Jersey Statutes 46:8-21.2. Limitation on amount of deposit
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Terms Used In New Jersey Statutes 46:8-21.2
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
4. An owner or lessee may not require more than a sum equal to 1 1/2 times 1 month‘s rental according to the terms of contract, lease, or agreement as a security for the use or rental of real property used for dwelling purposes. Whenever an owner or lessee collects from a tenant an additional amount of security deposit, the amount collected annually as additional security shall not be greater than 10 percent of the current security deposit.
L.1971,c.223,s.4; amended 2003, c.188, s.5.