Missouri House loosens regulation of security deposits

4 months 1 week 4 days ago Monday, May 14 2018 May 14, 2018 Monday, May 14, 2018 8:28:09 PM CDT May 14, 2018 in News
By: The Associated Press

JEFFERSON CITY, (AP) — The Missouri House has voted to allow landlords to keep security deposits in their business bank accounts instead of in separate trust accounts.

The bill, approved Monday in a 101-43 vote, would let security deposits be mixed in with other funds. Currently, landlords must keep deposits in a separate trust account.

Proponents say this will make it easier for landlords to get tenants their money, and will save landowners time and money.

Opponents say this puts tenants' money at risk, because it will make it easier for landlords to spend the security deposits.

The bill now heads back to the Senate, which already approved an earlier version.

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