Mississippi security deposit laws are detailed under the Mississippi Code Annotated Title 89, Chapter 8. These laws provide clear guidelines on how landlords must handle security deposits, ensuring both landlords and tenants are aware of their rights and responsibilities under Mississippi law. Please note that rules and regulations may vary by municipality.
In Mississippi, there is no statutory limit on the amount of a security deposit that a landlord can charge. The amount is typically specified in the lease agreement and is generally determined by the landlord.
Mississippi law does not specify how landlords must hold security deposits. Landlords are not required to keep the deposit in a separate account or segregate it from their own funds.
There are no specific notification requirements in Mississippi law regarding the holding of the security deposit.
Mississippi law does not require landlords to pay interest on security deposits, regardless of the length of the tenancy or the amount of the deposit.
Landlords must return the security deposit, along with an itemized statement of any deductions, within 45 days after the tenant vacates the property.
Landlords must provide an itemized statement of deductions along with the remaining balance of the security deposit within the timeline above. The statement should detail each deduction and the reason for it.
If the tenant does not provide a forwarding address, the deposit should be sent to the tenant’s last known address.
If the tenant disputes the deductions, they may file an action in small claims court.
Landlords in Mississippi can deduct from the security deposit for:
If a landlord fails to return the security deposit or provide an itemized list of deductions within the required 45-day period, the tenant may be entitled to recover the deposit amount plus additional damages. The tenant may also seek court costs and attorney’s fees if they prevail in a legal action.
Abandonment: If the tenant abandons the property, the landlord may retain the deposit for unpaid rent and damages but must still follow the procedure for returning any remaining balance.
Sale of Property: If the property is sold, the landlord must transfer the security deposit to the new owner, who then becomes responsible for returning it to the tenant.
DISCLAIMER: Security deposit laws may vary by county or municipality. The information provided by Build Whale, Inc. is for general informational purposes only and should not be construed as legal advice. It is not a substitute for consultation with a qualified attorney. While we strive to provide accurate and up-to-date information, Build Whale, Inc. makes no guarantees or warranties regarding the accuracy, completeness, or reliability of the information presented.