Security deposit interest in Maine
No — Maine does not require landlords to pay interest on security deposits.
There is no interest to calculate — here is what does apply
Maine sets no interest requirement, so there is no figure to work out. The rules below are the ones that decide whether you get your deposit back in full, which is usually the larger sum anyway.
Deadline to return your deposit
30 days.
Within the period stated in a written rental agreement, not exceeding 30 days, or within 21 days of termination or surrender and acceptance of the premises, whichever is later, for a tenancy at will.
Miss it and the consequences below start to apply.
What to do next
- Give your landlord a written forwarding address. Several states make the return duty conditional on it, and Maine's rules are summarised below.
- Photograph the unit at move-out, dated, before you hand back the keys. The dispute is almost always about condition.
- If the deadline passes, put the request in writing and cite Me. Rev. Stat. tit. 14 Sec. 6031 to 6038. Keep a copy of what you sent and when.
Not legal advice. This is general information, not legal advice. Security deposit laws change and vary by jurisdiction. Verify with the cited statute or consult a licensed attorney in your state before taking action.
What does Maine law actually say?
Maine does not require landlords to pay interest on residential security deposits. Chapter 710-A contains no interest provision. Deposits are capped at two months' rent.
A landlord may not retain any part of the deposit for normal wear and tear. Where there is actual cause to retain any portion the landlord must give the tenant a written statement itemising the reasons, together with full payment of the balance: within the period stated in a written rental agreement, not exceeding 30 days, or within 21 days of termination or surrender and acceptance of the premises, whichever is later, for a tenancy at will. Permitted reasons include unpaid rent, unpaid utility charges the tenant owed directly to the landlord, and the cost of storing and disposing of unclaimed property.
Mailing the statement and payment to the tenant's last known address counts as compliance. Two exemptions apply: the chapter does not cover tenancies in a structure of five or fewer units where one is occupied by the landlord, and its provisions do not apply where they conflict with the terms of a federally guaranteed mortgage held by the lessor as mortgagor.
What if your landlord does not comply?
No interest obligation, so no interest penalty. A landlord who fails to provide the written statement or return the deposit within the applicable deadline forfeits the right to withhold any portion of it. Wrongful retention exposes the landlord to double damages plus reasonable attorney fees and court costs under Section 6034.