First/Last/Security - What to Charge?

[Steve DellaPelle]

Hello,

I am reading into what is allowed by the State of Massachusetts for charges such as first/last/security...

I understand that:

1. I can collect a security deposit = to rent

2. This security deposit needs to be placed into a separate interest bearing account

3. I can collect first and last month's rent

However, are there any special rules on what happens with the first/last after it is collected? Can that go straight into my personal checking account/be used for an expense I've been waiting on? Or does it need to be treated in a specific way like the security deposit.

I am thinking of only taking First and Security Deposit and disregarding the Last Month's Rent....any thoughts would be appreciated!