SN [MI]

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SN [MI] (by Steve [MA]) Jan 9, 2021 7:08 AM

SN [MI] (by myob [GA]) Jan 9, 2021 8:35 AM

SN [MI] (by RB [MI]) Jan 9, 2021 10:18 AM

SN [MI] (by myob [GA]) Jan 9, 2021 1:46 PM

SN [MI] (by John... [MI]) Jan 9, 2021 5:43 PM

SN [MI] (by Steve [MA]) Posted on: Jan 9, 2021 7:08 AM
Message:

SN, I noticed that in Dad [TX]'s posting regarding Refi Options FAFSA you posted the following;

"Refi Options - FAFSA (by SN [MI]) Posted on: Jan 8, 2021 9:11 PM

Message:

We keep the rental security deposit in our name in a bank savings account. Would this have to be included in the FAFSA form?"

You might want to rethink doing this after you read the response that I posted.

SN, I don't know about what MI law requires but in MA & most other states a SD is actually the tenant's money that the LL is holding in trust for payment towards future obligations of the tenant. MA has very specific laws about how much a SD can be, what paperwork must be give to the tenant, where the SD has to to be held, when the SD must be returned or accounted for, etc. All of these are intended to prevent a LL's creditor from attaching any accounts that the SDs are held in.

Since it doesn't become the LL's until certain legal requirements are met it has to be held in a manner that prevents anyone except the tenant from using it. A security deposit is a deposit of money to the landlord to ensure that rent will be paid and other responsibilities of the lease performed (e.g., paying for damage caused by the tenant). The laws surrounding these deposits vary from state to state.

You might want to verify what MI requires a LL to do with SDs. A quick search revealed the following;

How do you store a tenant's security deposit in Michigan?

In the state of Michigan, a landlord has two options for storing a tenant’s security deposit. Escrow Account- The landlord can choose to place a tenant’s security deposit in an account in a regulated bank or financial institution. Surety Bond- A landlord can post a cash bond or a surety bond for the amount of the tenant's security deposit.

--71.174.xxx.xx

SN [MI] (by myob [GA]) Posted on: Jan 9, 2021 8:35 AM
Message:

Here in GA if you have more than 10 you must place the S/D into an Escrow account and let the tenant know it. We have a paragraph with the Bank name and account number with amount of Deposit dedicated to that. --99.103.xxx.xxx

SN [MI] (by RB [MI]) Posted on: Jan 9, 2021 10:18 AM
Message:

Also within the [MI] Security Deposit Notice to Tenant(s)

"You must notify your Landlord in writing

within Four (4) days after you move of a forwarding

address,

where you can be reached and where you will receive mail;

otherwise your landlord shall be relieved of sending you

an itemized list of damages and the penalties adherent to

that failure". --199.192.xxx.xxx

SN [MI] (by myob [GA]) Posted on: Jan 9, 2021 1:46 PM
Message:

RB love that.

Our technique is this. We send the damages and dep letter to the tenant at last known address. (the rental) We zip tie the mailbox so no mail can be placed in it. So if tenant hasn't given forwarding address to PO -- the letter comes back to us. --99.103.xxx.xxx

SN [MI] (by John... [MI]) Posted on: Jan 9, 2021 5:43 PM
Message:

Weird. I replied to this earlier and it was here then, but my post is gone now.

- John... --96.40.xx.xx

Reply:

Subject:	RE: SN [MI]
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SN [MI]

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