Provides for security deposits and evictions involving residential leases. (1/1/18)
The impact of SB 120 on state laws includes enhanced tenant protections that aim to prevent arbitrary evictions and ensure that tenants are treated fairly regarding their security deposits. The bill clarifies that landlords must account for any withheld security deposits and provides tenants with a clear timeline for the return of these funds post-lease termination. This also includes provisions that a security deposit becomes the property of the landlord if a tenant does not claim it within three years of lease termination, which balances the interests of both parties while promoting transparency in financial transactions related to leases.
Louisiana Senate Bill 120, effective on January 1, 2018, introduces significant changes to the regulation of residential leases, focusing on security deposits and eviction procedures. The bill provides a grace period for residential tenants who fail to pay rent, requiring landlords to give written notice at least ten days before terminating the lease. It also increases the notice period required for month-to-month residential leases from ten days to thirty days. These changes are aimed at protecting tenants while balancing the rights of landlords to ensure timely rent payment and possession of leased properties.
The sentiment around SB 120 appears to be mixed among stakeholders. Proponents, including tenant advocacy groups, likely view the bill as a positive step toward enhancing tenant protections and ensuring fairness in the rental market. However, some landlords may see it as an additional burden, imposing stricter requirements for notifying tenants and handling deposit returns. The overall sentiment indicates a recognition of the need to protect tenants while ensuring that landlords maintain their rights to manage their properties efficiently.
Notable points of contention surrounding SB 120 include the potential burden it places on landlords regarding the notice requirements and the handling of security deposits. Landlords may argue that the increased notice period for lease termination and requirements for detailed accounting of security deposits could complicate the eviction process and increase administrative burdens. Debates have highlighted the need to balance tenant protections with the rights of landlords to effectively manage their properties, a concern that may frame future legislative discussions on related housing and landlord-tenant issues.