City Councilwoman Lisa Sánchez is proposing an ordinance that aims to protect renters from losing their security deposits.
The Idaho Press reports the ordinance would require property owners and managers to collect renters’ security deposits in an account separate from other finances. Sánchez said deposits can be lost when a landlord comingles monies in the same accounts and a bankruptcy or change of ownership occurs.
“As we’ve learned over the last few years, renters don’t have a lot of protection in our community,” Sánchez said during Tuesday’s council work session. “With the rising costs of rent and those very few protections that exist, anything we can offer to provide security to our renters is greatly needed and greatly appreciated by renters.”
Sánchez’s proposed ordinance, which would establish new city code, applies to both residential and commercial owners and managers that lease property.
The proposed code says, “Any security deposit shall be deposited in an account which contains only security deposits paid by tenants and is maintained in the State of Idaho with a federally insured financial institution. The Rental Property Owner shall be responsible for maintaining a current list of amounts contained in the account which includes the name and address of the person or entity who owns the amount deposited in said account and the amount deposited in the account.”
Violation of the proposed code would be deemed a misdemeanor.
Written by the Idaho Press