Landlords under the new law would be required to provide their tenants with several alternative choices in lieu of the traditional security deposit.
If potential renters have the means to do so, they can pay a traditional security deposit, or they can elect to pay the security deposit out in no less than six equal monthly payments.
But the most innovative option is the ability for tenants to opt for security deposit insurance. Instead of paying a security deposit up front, tenants instead pay an insurance company a low-cost, monthly non-refundable premium.
So complicated. And what is the landlord supposed to do when there is property damage before the monthly payments for the deposit are complete?
Landlord issues are best left to landlords since they are doing rent seeking.
Most of the mayors of the ten largest cities in the state (Columbus, Cleveland, Cincinnati , Toledo, Akron, Dayton, Youngstown, Canton, Parma, Lorain) are Democrats .
Innovation is expected.
Wow… We don’t have enough middleman for every transactions in America?
Sounds like a win-win for the insurance companies. I wonder who pushed that law through…