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Landlord Requirements

Landlord signing a rental agreement
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Landlord Requirements

Landlord Requirements

Person getting their online certification using a laptop computer

Annual Certification & How to File Your Security Bond

The amount of the bond must equal the amount of Security_Deposits_Annual_Certificationsecurity 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)

1. Submit the following original forms (no photocopies) to Consumer Protection for approval:

2. 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.

3. Reference the AG number on all correspondence with the Attorney General's office. 

Close up of business man signing contract

Change in Security Deposit Amounts

If units are acquired or sold during the year, you must submit:

  • A rider to your bond from your surety/insurance company showing an increase or decrease in bond amount;
  • An updated power of attorney from surety/insurance company; and
  • If you sold your property, the name and address of the new owner.
Businesswoman ripping up contract

How to Cancel a Bond

  • Notice and explanation of reason of bond cancellation must be submitted at least 60 days before the effective date of cancellation.
  • If the property has been sold, the name and address of the new owner must also be provided.