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SOUTH DAKOTA SECURITY DEPOSITS
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BEFORE you sign a lease on a unit, inspect the unit.
Should you change your mind after you give a
deposit, you may lose your right to a refund and be
further liable until the landlord rerents the unit.
Get all agreements in writing and a dated receipt
for your deposit. In your lease, be sure to state
the date and amount of the security deposit. DO NOT
GIVE CASH.
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LIMITS
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South Dakota places a limit on Security Deposits of
ONE MONTHS RENT.
HOWEVER, "special circumstances" may
enable the landlord to charge a higher
security deposit. For example, if you have a pet,
the landlord may charge you an extra, refundable
deposit to cover potential damages from your
pet.
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INTEREST ON SECURITY DEPOSIT
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RETURN OF THE SECURITY DEPOSIT
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Every lessor of residential premises shall, within
two weeks after the termination of the tenancy and
receipt of the tenant's mailing address or delivery
instructions (NOTIFY
YOUR LANDLORD OF YOUR NEW ADDRESS), return
the security deposit to the tenant, or furnish to
the tenant, a written statement showing the specific
reason for the withholding of the deposit or any
portion thereof. The
lessor may withhold from such deposit only such
amounts as are reasonably necessary to remedy tenant
defaults in the payment of rent or of other funds
due to the landlord pursuant to an agreement or to
restore the premises to their condition at the
commencement of the tenancy, ordinary wear and tear
excepted. See
RentLaw.com for Normal Wear and Tear
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FAILURE TO RETURN THE SECURITY DEPOSIT
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Any lessor of
residential premises who fails to comply with this
section shall forfeit all rights to withhold any
portion of such deposit.
The bad faith retention of a deposit or any portion
of a deposit by a lessor of residential premises in
violation of this section, including failure to
provide the written statement and itemized
accounting required by this section, shall subject
the lessor to punitive damages not to exceed two
hundred dollars. (Amount subject to change or
decision by a court)
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