N.J.S.A. 46:8-21.2 — Limitation on amount of deposit

46:8-21.2. Limitation on amount of deposit 4. An owner or lessee may not require more than a sum equal to 1 1/2 times 1 month's rental according to the terms of contract, lease, or agreement as a security for the use or rental of real property used for dwelling purposes. Whenever an owner or lessee collects from a tenant an additional amount of security deposit, the amount collected annually as additional security shall not be greater than 10 percent of the current security deposit. L.1971,c.223,s.4; amended 2003, c.188, s.5.

This is the verbatim text of N.J.S.A. 46:8-21.2, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.