PRINTER'S NO. 2362
No. 1945 Session of 1981
INTRODUCED BY ALDEN, OCTOBER 13, 1981
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE,
OCTOBER 13, 1981
AN ACT
1 Amending the act of April 6, 1951 (P.L.69, No.20), entitled "An
2 act relating to the rights, obligations and liabilities of
3 landlord and tenant and of parties dealing with them and
4 amending, revising, changing and consolidating the law
5 relating thereto," further providing for landlord
6 administrative expenses relating to escrow accounts.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Subsection (b) of section 511.2, act of April 6,
10 1951 (P.L.69, No.20), known as "The Landlord and Tenant Act of
11 1951," added December 29, 1972 (P.L.1698, No.363), is amended to
12 read:
13 Section 511.2. Interest on Escrow Funds Held More Than Two
14 Years.--* * *
15 (b) Whenever any money is required to be deposited in an
16 interest-bearing escrow savings account, in accordance with
17 section 511.1, then the lessor shall be entitled to receive as
18 administrative expenses, a sum equivalent to [one] two per cent
19 per annum upon the security money so deposited, which shall be
1 in lieu of all other administrative and custodial expenses. The
2 balance of the interest paid shall be the money of the tenant
3 making the deposit and will be paid to said tenant annually upon
4 the anniversary date of the commencement of his lease.
5 * * *
6 Section 2. This act shall take effect in 60 days and shall
7 apply to new and renewed leases executed on and after that date.
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