Oklahoma security deposit laws are detailed under Oklahoma Residential Landlord and Tenant Act, specifically in Title 41, Section 115 of the Oklahoma Statutes. 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 Oklahoma law. Please note that rules and regulations may vary by municipality.
Oklahoma law does not impose a limit on the amount a landlord can charge for a security deposit. The amount is typically determined by the landlord and tenant and is specified in the lease agreement.
Landlords in Oklahoma are required to hold security deposits in an escrow account within a federally insured financial institution. The deposit must be kept separate from the landlord's personal funds to ensure it is available for return at the end of the tenancy.
Oklahoma law does not explicitly require landlords to notify tenants of the location of the escrow account where the deposit is held. However, landlords are required to handle the deposit in accordance with state law and the terms of the lease.
Oklahoma law does not require landlords to pay interest on security deposits. Even if the deposit is held in an interest-bearing account, the landlord is not obligated to pass any interest earned to the tenant.
Landlords must return the security deposit, along with a written itemized statement of any deductions, within 45 days after the tenant has vacated the rental property and provided the landlord with a forwarding address. If the tenant does not provide a forwarding address, the landlord is not obligated to return the deposit until they receive such an address.
The landlord must provide an itemized statement of all deductions, including the amounts and reasons, and return the remaining balance of the deposit within the 45-day period.
If the dispute cannot be resolved through negotiation, the tenant has the option to file a claim in small claims court. In Oklahoma, tenants can sue for the return of their deposit, and they may seek to recover the full amount wrongfully withheld.
Oklahoma landlords may deduct from the security deposit for:
If a landlord fails to return the security deposit or provide an itemized statement of deductions within 45 days, the tenant may sue the landlord for the amount wrongfully withheld. The court may award the tenant the full amount of the deposit, along with court costs and reasonable attorney’s fees. Additionally, if the landlord's failure to return the deposit is found to be willful, the court may award the tenant additional damages.
In the event of a property sale, foreclosure, or other transfer of ownership, the landlord must either return the security deposit to the tenant or transfer it to the new owner, who then assumes responsibility for the deposit under the terms of the lease and Oklahoma law. The tenant should be notified in writing of the transfer and provided with the new owner’s contact information.
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.