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Real Estate
Reply to "Security deposit - should I be worried?"
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[quote=Anonymous][quote=Anonymous]With security deposits, are you supposed to earn interest?[/quote] Va. law makes reference to an obligation to repay with interest though I'm not quite sure how to calculate what "an annual rate equal to four percentage points below the Federal Reserve Board discount rate" would be... The landlord shall: 1. Accrue interest at an annual rate equal to four percentage points below the Federal Reserve Board discount rate as of January 1 of each year on all property or money held as a security deposit. However, no interest shall be due and payable unless the security deposit has been held by the landlord for a period exceeding 13 months beginning from the commencement date of the rental agreement http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+55-248.15C1 [/quote]
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