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rez_7

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Posts: 2
Reply with quote  #1 
What is the proper procedure for how to handle a security deposit in MN?  Is it cashed into a separate account?  Can I hold it in my own account and reimburse after the lease?


OHlandlord

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Posts: 3,814
Reply with quote  #2 
A separate account is not required (but is recommended).  You must pay interest on the deposit at a rate of 1% simple non-compounded interest annually.  See MN Statutes 5048.175 to 5048.178.
rez_7

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Posts: 2
Reply with quote  #3 
Thanks for your help.
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