The $5.1 billion housing bond bill, signed by Gov. Maura Healey in August 2024, includes a provision that could allow landlords and tenants to agree to a monthly fee in lieu of paying a security deposit up front. If the Executive Office of Housing and Livable Communities (EHOLC) creates such regulations, it would effectively change MGL 186, Ch. 15b, the law governing security deposits and move-in monies.
The provision states that landlords who would normally collect a security deposit may now offer a second option to their potential tenants: a monthly fee that is more flexible than the security deposit. For example, unlike a security deposit, which remains the property of the tenant, the fee would belong to the landlord, and could be used or saved as necessary.
Find out more at: https://masslandlords.net/a-monthly-fee-instead-of-a-security-deposit-bond-bill-makes-rare-change-to-mgl-186-15b/