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During our current public health crisis, individuals and families across the state are facing many uncertainties.
Whether it’s concerns about their health and that of their loved ones or concerns about when their next paycheck will come, securing and retaining housing is likely something many think about.
Tenants seeking information may wish to consult the following resources:
Michigan law requires residential landlords to properly manage tenants' security deposits. As a landlord you must deposit all security deposits collected from tenants into a regulated financial institution (e.g., bank, credit union, etc.). You have two options for the deposited funds:
- Keep the funds in the account and use them only for the purposes authorized by law (Landlord Tenant Relations Act, MCL 554.601 et seq); or
- If you intend to use the money for other purposes, you must secure a Landlord Tenant Security Deposit Bond and comply with the Security Deposits Annual Certification requirements with the Department of Attorney General.