Florida Statutes Section 83.49 governs Miami security deposits. Landlords must hold deposits in a Florida bank, disclose holding details within 30 days, and return funds within 15 to 60 days depending on whether deductions are claimed.
Section 83.49 of the Florida Statutes controls every Miami residential lease. Within 30 days of receiving the deposit, the landlord must disclose the holding institution and whether interest is paid; commingling is prohibited. After move-out, the landlord has 15 days to return the deposit if no deductions are claimed, or 30 days to send certified-mail notice of intent to impose a claim. The tenant has 15 days to object. Landlords with five or more units must use a non-interest account, post a surety bond, or pay tenants 75 percent of the bank rate or 5 percent simple interest. Miami imposes no stricter rule.
A landlord who fails to send proper written notice within 30 days forfeits any right to keep the deposit. The tenant may sue for the full amount plus attorney fees and court costs under Section 83.49(3)(c).
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See how Miami's security deposit rules rules stack up against other locations.
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