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Where are security deposits placed?

April 26, 2017deposits Placed security

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Where are security deposits placed?

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• By law, security deposits must be placed in a federally insured financial institution. No interest may be earned on these funds by John L Scott Property Management. • Security deposits are used to make repairs caused by the tenants during their stay in the rental property. The funds are returned to the tenant if no damages occur as a result of the tenant’s actions.