California 21 days deposit return

[Michael Mueller]

According to https://leginfo.legislature.ca.gov/faces/codes_dis... :

"No later than 21 calendar days after the tenant has vacated the premises, but not earlier than the time that either the landlord or the tenant provides a notice to terminate the tenancy under Section 1946 or 1946.1, Section 1161 of the Code of Civil Procedure, or not earlier than 60 calendar days prior to the expiration of a fixed-term lease, the landlord shall furnish the tenant, ...a copy of an itemized statement... and shall return any remaining portion of the security to the tenant."

Assuming a 12 month lease starts Jan 1st and ends Dec 31st, tenant terminates early and moves out as of 06/30, then the security deposit has to be accounted for and returned by 11/01 (Dec 31 minus 60 days)? Am I interpreting the "expiration of a fixed-term lease" correctly? I am asking because I always come across discussions mentioning the 21 days rule, but never heard about the 60 day rule.

This could have major implications, as by the 21 day rule, landlord would have to return the deposit by 07/21, and would potentially lose rental income for August, depending on the market, as rents are typically hard to collect after the deposit is returned.