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Sen. Mark Leno’s SB 603 would no longer require that landlords pay interest on security deposits, but his bill is still bad for the rental housing industry.
The interest-on-security-deposits provision came out after CAA’s strong lobbying activities and nearly 800 CAA members wrote opposition letters to lawmakers.
Remaining, however, are unfair penalty provisions for landlords who fail to return security deposits as required by law – no matter the rationale.
Under SB 603, a small-claims court judge would have to award penalties against the owner if the tenant successfully demonstrates that all or a portion of the deposit should have… Read More
Tagged: LegislationSecurity Deposits
The California Apartment Association is calling on its members to continue writing letters to help defeat a bill that would require landlords to pay interest on security deposits.
The legislation, SB 603 by Mark Leno, D-San Francisco, would also dramatically increase penalties when they fail to return the deposits as required by law.
On Monday, May 13, Leno passed on his first opportunity to present SB 603 for a vote on the Senate floor. His next opportunity comes Thursday, May 16.
The CAA letter-writing campaign to defeat the bill appears to be working. If you haven’t yet written a to… Read More
Tagged: Legislation
A bill that would require installation of water submeters on all new multifamily units no longer would ban ratio-utility billing systems — also known as RUBS.
SB 750 by Senator Lois Wolk, D-Davis, advanced from the Senate Judiciary Committee on Tuesday and heads to the Senate floor without the troubling provision.
RUBS are used by property owners to divide the water bill among tenants, based on the number of renters in the building or square footage.
Three primary areas of concerns remain for CAA:
The early date for the installation of submeters, now Jan. 1, 2014.
The limited availability of… Read More
Tagged: Legislation
A bill that would require landlords to pay interest on security deposits advanced Tuesday from the Senate Judiciary Committee and is headed for the Senate floor for a vote as early as next week.
The legislation, SB 603 by Mark Leno, D-San Francisco, does not make financial sense for tenants or landlords.
Under SB 603, a tenant would receive less money in interest than the costs incurred by his or her landlord to account for and return the security deposit.
Along with the requirement for interest payments, the bill includes a second troubling proposal: With no consideration for the owner’s… Read More
Tagged: LegislationSecurity Deposits
For the first time in 2013, the California Apartment Association has taken official positions on a series of bills, from whether to ban smoking in multifamily complexes to a proposal that would require interest payments on security deposits.
CAA staff is continuing to analyze and debate the merits of hundreds of bills sponsored by the state Legislature.
As the CAA Legislative Steering Committee takes formal positions in the months to come, we’ll report that information in this newsletter, as well as on our blog, caapartments.org.
Here’s a rundown on CAA’s positions thus far:
Oppose: SB 603 (Leno-D) Interest on security… Read More