Repayment Of The Security Deposit

Courtesy of Feinstein Raiss Kelin Booker & Goldstein LLC 

Governor Murphy issued an Executive Order which terminated the Public Health Emergency. However, he also signed a law which extended the application of Executive Order 128, which applied to security deposits, until July 4, 2021. Since a tenant’s application of the security deposit to rent and repayment of the security deposit was tied to the termination date of the Public Health Emergency and extended by this new law, you should be aware of the following deadlines: 

September 2, 2021 is the deadline by which tenants can apply the security deposit and interest to rent pursuant to Executive Order 128. After that date, tenants can only apply it to rent for the reasons set forth in the Security Deposit Act. 

Under Executive Order 128, tenants must replenish the security deposit by the later of six months following the end of the Public Health Emergency or on the date on which the current contract, lease or license agreement is extended or renewed, whichever is later. Therefore, the date of replenishment is either January 4, 2022 (six months following the end of the Public Health Emergency) or the date that the lease or license agreement is extended or renewed, whichever is later.  

We will continue to keep you informed of new developments as they arise. For more information please call Feinstein Raiss Kelin Booker & Goldstein at (973) 324-5400 or visit their website here

This information is provided solely for information purposes. It should not be construed as legal advice on any specific matter and is not intended to create an attorney-client relationship. The information provided herein may not be applicable to all situations and should not be acted upon without specific legal advice based upon particular circumstances. Each legal matter is unique, and prior results do not guarantee a similar outcome.

 

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