Security deposit compliance in Maine

[Karl Eisenhofer]

Maine law states that security deposits must be held under terms that make the funds protected from bankruptcy and judgements against the landlord. Talking with my bank, they offer escrow accounts where funds belong to one person (the tenant) but another person (the landlord) has signature authority.  The problem is that I would need an account for each unit or perhaps for each tenant, each account requiring complete KYC from the tenant(s).  This a PITA and not scalable. 

The law also states that security deposits may be commingled.  I have not found a way to commingle and be compliant, ideally without tenant KYC.

Any suggestions?