Oklahoma Security Deposit
Oklahoma Security Deposits

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Oklahoma SECURITY DEPOSITS

As a landlord, you may require a security deposit for damages occurring during the lease term. You must keep the deposit in an escrow account in a federally insured institution in the State of Oklahoma. 

Upon termination of the tenancy, any security deposit held by the landlord may be applied to the payment of accrued rent and the amount of damages which the landlord has suffered by reason of the tenant's noncompliance with this act and the rental agreement, all as itemized by the landlord in a written statement delivered by mail to be by return receipt requested and to be signed for by any person of statutory service age at such address or in person to the tenant if he can reasonably be found. 

If the landlord proposes to retain any portion of the security deposit for rent, damages or other legally allowable charges under the provisions of this act or the rental agreement, the landlord shall return the balance of the security deposit without interest to the tenant within thirty (30) days after the termination of tenancy, delivery of possession and written demand by the tenant. If the tenant does not make such written demand of such deposit within six (6) months after termination of the tenancy, the deposit reverts to the landlord in consideration of the costs and burden of maintaining the escrow account, and the interest of the tenant in that deposit terminates at that time.

LIMITS:

State laws place no limit on the amount landlords can charge for security deposits. When you give the landlord a deposit, be sure to get AND keep the receipt EVEN if you give the landlord a check or money order. The amount you give should also be on the lease. Verify the correct is on the lease.



INTEREST ON SECURITY DEPOSIT
Not required.

However, some cities may have enacted their own laws with respect to this.

RETURN OF THE SECURITY DEPOSIT

After the lease has ended, if the tenant makes written demand within six months, you are required to refund the unused portion of the deposit within 30 days. 

Any deductions for damages (see difference of damages and normal wear and tear) or unpaid rent must be itemized in a written statement, delivered to the tenant in person or by mail with return receipt requested. 

If the tenant does not make written demand for the deposit within six months after the lease is ended, you may keep the deposit.

FAILURE TO RETURN THE SECURITY DEPOSIT
Notify the landlord, in writing, of their failure to return the deposit.

Misappropriation of the Tenant Security Deposit fund is a misdemeanor. 

If a landlord or manager fails to comply with this section or fails to return any prepaid rent required to be paid to a tenant under this act, the tenant may recover the damage and security deposit and prepaid rent, if any.

Landlord Tenant Disputes are typically settled in the Oklahoma Small Claims Court System. (Under $2,500)


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