H-1313.1 _______________________________________________
HOUSE BILL 1942
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State of Washington 57th Legislature 2001 Regular Session
By Representatives Dunshee and McIntire
Read first time 02/09/2001. Referred to Committee on Local Government & Housing.
AN ACT Relating to tenant security deposits; and amending RCW 59.18.270.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 59.18.270 and 1975 1st ex.s. c 233 s 1 are each amended to read as follows:
All moneys
paid to the landlord by the tenant as a deposit as security for performance of
the tenant's obligations in a lease or rental agreement shall promptly be
deposited by the landlord in ((a)) an interest-bearing trust
account, maintained by the landlord for the purpose of holding such security
deposits for tenants of the landlord, in a bank, savings and loan association,
mutual savings bank, or licensed escrow agent located in Washington. ((Unless
otherwise agreed in writing, the landlord shall be)) The tenant is
entitled to receipt, on each anniversary of the deposit, of
interest paid on such trust account deposits, unless the tenancy is
terminated sooner, in which case the tenant shall be immediately entitled to
such interest. The landlord shall provide the tenant with a written
receipt for the deposit and shall provide written notice of the name and
address and location of the depository and any subsequent change thereof. If
during a tenancy the status of landlord is transferred to another, any sums in
the deposit trust account affected by such transfer shall simultaneously be
transferred to an equivalent trust account of the successor landlord, and the
successor landlord shall promptly notify the tenant of the transfer and of the
name, address and location of the new depository. The tenant's claim to any
moneys paid under this section shall be prior to that of any creditor of the
landlord, including a trustee in bankruptcy or receiver, even if such moneys
are commingled.
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