Under Arkansas law, what is the requirement regarding security deposits for residential leases?
Correct Answer
A) There is no statutory maximum; the landlord may collect any amount agreed upon
Under the Arkansas Residential Landlord-Tenant Act (Ark. Code Ann. § 18-16-304), Arkansas does not impose a statutory maximum on the amount a landlord may collect as a security deposit for residential leases. The amount is determined by agreement between the landlord and tenant. Landlords must, however, comply with the Act's requirements regarding holding and returning deposits.
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Related Topics & Key Terms
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A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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