Michigan Security Deposit Questions.

[Trevor C.]

So we received the security deposit on our first rental and now we are unsure what the next legal steps are.   

I think I need to open a separate interest account (escrow?) and then provide the tenant with the bank and account number,   Can someone let me know what steps I need to take next.    

THANKS!!

[Dan O'Neill]

From Michigan's Tenant Landlord Guide:

"The landlord must provide the tenant with certain notices. Within 14 days from the day the tenant moves in, the landlord must provide written notice of the following: a) The landlord’s name and address for receipt of communications regarding the tenancy; AND b) The name and address of the financial institution where the security deposit is held, OR the name and address of the surety company; and who filed the bond with the Secretary of State; AND c) The tenant’s obligation to provide a forwarding address—in writing—within 4 days after the tenant moves out."

A helpful resource: http://www.legislature.mi.gov/Publications/tenantl...