what is the law in florida regarding security deposits made to an utility company.?
Question by allertsep: what is the law in florida regarding security deposits made to an utility company.?
the city of plantation water utility requires a security deposit that they do not return for 20 years and don’t pay any interest
Best answer:
Answer by renegade
You seem to be reading the reg wrong.
“Security deposits for utilities customers with the City of Plantation are refunded once the City no longer furnishes service to the customer or 20 years from the date the deposit is received, provided that during the 20-year period no customer defaults have occurred.
When an account is closed, the deposit is applied to the final balance and the difference is refunded. If money is owed to the City after the deposit has been applied, a bill will be sent to the customer.”
If you are a renter they apply the deposit to the last months bill and refund the balance. So if you move after a few months or a few years you get back the difference immediately. The twenty year reg is for homeowners, such as myself. I’ve lived in my house for 23 years, so they would have refunded me my deposit 3 years ago.
Now I couldn’t find anything on whether it has to go into an interest bearing account. Seems to me it should, but I honestly can’t tell you.
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