46:8-21.2. Limitation on amount of deposit
83 words·~1 min read·
/nj/title-46/chapter-8/46-8-21-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.