Ch. 2                              MARVIN MANDEL, Governor                                27

(C)(I) THE LANDLORD SHALL GIVE A TENANT A RECEIPT FOR A
SECURITY DEPOSIT. THE RECEIPT MAY BE INCLUDED IN A
WRITTEN LEASE.

(II)  THE LANDLORD SHALL BE LIABLE TO THE TENANT IN THE
SUM OF TWENTY-FIVE DOLLARS IF THE LANDLORD FAILS TO
PROVIDE A WRITTEN RECEIPT FOR A SECURITY DEPOSIT.

(III)  THE RECEIPT OR LEASE SHALL CONTAIN THE LANGUAGE
OF SECTION 8-220 OF THIS ARTICLE.

(D)(I) IF THE LANDLORD IMPOSES A SECURITY DEPOSIT, HE
SHALL UPON WRITTEN REQUEST PROMPTLY PROVIDE THE
TENANT WITH A WRITTEN LIST OF ALL EXISTING DAMAGES. THE
REQUEST MUST BE MADE WITHIN 15 DAYS OF THE TENANT'S
OCCUPANCY.

(II) FAILURE TO PROVIDE THE TENANT WITH SUCH A
WRITTEN STATEMENT SHALL MAKE THE LANDLORD LIABLE TO
THE TENANT FOR THREEFOLD THE AMOUNT OF THE SECURITY
DEPOSIT. THE TOTAL AMOUNT OF DAMAGES SHALL BE SUBJECT
TO A SETOFF FOR DAMAGES AND UNPAID RENT WHICH COULD
REASONABLY BE WITHHELD UNDER THIS SECTION.

(E)(I) THE LANDLORD SHALL MAINTAIN ALL SECURITY
DEPOSITS IN A BANKING OR SAVING INSTITUTION WITHIN THE
STATE OF MARYLAND. THE ACCOUNT SHALL BE DEVOTED
EXCLUSIVELY TO SECURITY DEPOSITS, AND MAY BEAR INTEREST.

(II)   A SECURITY DEPOSIT SHALL BE DEPOSITED IN SUCH AN
ACCOUNT WITHIN 30 DAYS AFTER RECEIPT OF THE SECURITY
DEPOSIT BY THE LANDLORD.

(III)   IN THE EVENT OF SALE OR TRANSFER OF ANY SORT,
INCLUDING, BUT NOT LIMITED TO, RECEIVERSHIP OR
BANKRUPTCY, THE SECURITY DEPOSIT SHALL BE BINDING ON THE
SUCCESSOR IN INTEREST TO THE PERSON TO WHOM THE DEPOSIT
IS GIVEN. SECURITY DEPOSITS SHALL BE FREE FROM ANY
ATTACHMENT BY CREDITORS.

(IV)  ANY SUCCESSOR IN INTEREST SHALL. BE LIABLE TO THE
TENANT FOR FAILURE TO RETURN THE SECURITY DEPOSIT,
TOGETHER WITH INTEREST, AS PROVIDED IN THIS SECTION.

(V)    THIS SUBSECTION SHALL APPLY TO ALL SECURITY
DEPOSITS HELD BY THE LANDLORD PRIOR TO JULY 1, 1972, WITH
INTEREST ACCRUING FROM JULY 1, 1972, AND ALL SECURITY
DEPOSITS RECEIVED BY THE LANDLORD AFTER JULY 1, 1972, WITH
INTEREST ACCRUING FROM THE DATE OF RECEIPT.

(F)(I) WITHIN 45 DAYS AFTER THE END OF THE TENANCY, THE
LANDLORD SHALL RETURN THE SECURITY DEPOSIT TO THE
TENANT TOGETHER WITH SIMPLE INTEREST WHICH SHALL HAVE
ACCRUED IN THE AMOUNT OF 3% PER ANNUM, LESS ANY
DAMAGES RIGHTFULLY WITHHELD.

(II) INTEREST SHALL ACCRUE AT SIX-MONTH INTERVALS
FROM THE DAY THE TENANT GIVES THE LANDLORD THE
SECURITY DEPOSIT. INTEREST SHALL NOT COMPOUND.