Oklahoma Security Deposit Law: No Cap, 45-Day Return After Demand

Under Okla. Stat. tit. 41 § 115, any security deposit "must be kept in an escrow account for the tenant, which account shall be maintained in the State of Oklahoma with a federally insured financial institution." The statute fixes no maximum deposit amount. Upon termination, the landlord may apply the deposit to accrued rent and damages, itemized in a written statement delivered to the tenant by certified mail (return receipt requested) or in person. The landlord must return any balance, without interest, "within forty-five (45) days after the termination of tenancy, delivery of possession and written demand by the tenant." The tenant must make that written demand within six months of termination, or the deposit reverts to the landlord. Ordinary wear and tear is not a chargeable deduction.

If the landlord fails to comply, the tenant may recover the security deposit and any prepaid rent under Okla. Stat. tit. 41 § 115. Misappropriation of the deposit is unlawful, punishable by up to six months in county jail and a fine of up to twice the amount misappropriated, in addition to other damages allowed under the Act.