Fargo, ND Rental Property Rules: Security Deposit Rules (2026)

47-16-07.1. Real property and dwelling security deposits - Limitations and requirements. 1. The lessor of real property or a dwelling who requires money as a security deposit, however denominated, shall deposit the money in a federally insured interest-bearing savings or checking account for the benefit of the tenant. The security deposit and any interest accruing on the deposit must be paid to the lessee upon termination of a lease... A lessor may not demand or receive security, however denominated, in an amount or value in excess of one month's rent, except: a. A lessor may accept an amount or value up to two month's rent, as security, from an individual convicted of a felony offense... b. A lessor may demand an amount or value up to two months rent... from an individual who has had a judgment entered against that individual for violating the terms of a previous rental agreement.