Florida Sets No Deposit Cap but Strict 15/30-Day Return Deadlines

F.S. 83.49 83.49 Deposit money or advance rent; duty of landlord and tenant. — (1) Whenever money is deposited or advanced by a tenant on a rental agreement as security for performance of the rental agreement or as advance rent for other than the next immediate rental period, the landlord or the landlord’s agent shall either: (a) Hold the total amount of such money in a separate non-interest-bearing account in a Florida financial institution for the benefit of the tenant or tenants. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord; (b) Hold the total amount of such money in a separate interest-bearing account in a Florida financial institution for the benefit of the tenant or tenants, in which case the tenant shall receive and collect interest in an amount of at least 75 percent of the annualized average interest rate payable on such account or interest at the rate of 5 percent per year, simple interest, whichever the landlord elects. The landlord shall not commingle such moneys with any other funds of the landlord or hypothecate, pledge, or in any other way make use of such moneys until such moneys are actually due the landlord;