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How to File Your Security Deposit Bond For the First Time
The amount of the bond must equal the amount of security deposits collected up to $50,000. If the amount of security deposits collected exceeds $50,000.00, then the amount of the bond must equal the first $50,000.00 plus 25% of any amount over $50,000.00
Example: Security deposits collected equals $70,000.00. Bond must equal $55,000.00
($50,000.00 + 25% of $20,000.00 ($70,000.00 - $50,000.00), which equals $5,000.00; $50,000.00 + $5,000 = $55,000.00)
- Submit the following original forms (no photo copies) to Consumer Protection for approval:
- Landlord Security Deposit Surety Bond;
- Power of Attorney (from surety/insurance company); and
- Security Deposits Annual Certification form.
- Upon approval, the Attorney General will assign an AG file number to the bond and it will be sent to be filed with the Secretary of State.
- Reference the AG number on all correspondence with the Attorney General's office.