Massachusetts Deposit bank holding / separate account

Deposit bank holding / separate account in Massachusetts

The landlord must keep the deposit in a separate, interest-bearing account at a Massachusetts bank and give the tenant a receipt naming the bank and account within 30 days. If the landlord does not, the tenant is entitled to the deposit back right away. Code text: "Any security deposit received by such lessor shall be held in a separate, interest-bearing account in a bank, located within the commonwealth."

Verified Source: M.G.L. c. 186, § 15B(3)(a) · last checked 2026-10-16