Does the landlord have to put a tenants security deposit in an identified escrow account?
It depends. If the landlord is a commercial landlord, yes. If the landlord is an individual who owns less than ten (10) rental units and does not hire professional manager for the unit in question, then the answer is no. 44-7-31 Placement of security deposit in trust in escrow account; notice to tenant of account location and number. Except as provided in Code Section 44-7-32, whenever a security deposit is held by a landlord or his agent on behalf of a tenant, such security deposit shall be deposited in an escrow account established only for that purpose in any bank or lending institution subject to regulation by this state or any agency of the United States government. The security deposit shall be held in trust for the tenant by the landlord or his agent except as provided in Code Section 44-7-34. tenants shall be informed in writing of the location and account number of the escrow account required by this Code section.
