Full question:
I am shifting to the city of Maine next month and would like to rent an apartment. What is the maximum amount of security deposit that one would have to make for a tenancy at will agreement in Maine?
- Category: Landlord Tenant
- Subcategory: Security Deposit
- Date:
- State: Maine
Answer:
The term security deposit has been explained in 14 M.R.S. § 603. 14 M.R.S. § 6031 (2) defines security deposit as:“any advance or deposit, regardless of its denomination, of money, the primary function of which is to secure the performance of a lease or tenancy at will agreement for residential premises or any part thereof.”
14 M.R.S. § 6032 states that a tenancy at will agreement is not permitted to require a security deposit that is more than 2 months’ rent of the concerned rental property.
“A lease or tenancy at will agreement for a dwelling intended for human habitation may not require a security deposit equivalent to more than the rent for 2 months.”
The maximum amount of security deposit for a tenancy at will agreement may be an amount that is less than the rent for two months of the rental property.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
