Security deposit interest in Mississippi
No — Mississippi does not require landlords to pay interest on security deposits.
There is no interest to calculate — here is what does apply
Mississippi 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
45 days after the tenancy ends.
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 Mississippi'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 Miss. Code Sec. 89-8-21. 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 Mississippi law actually say?
Mississippi does not require landlords to pay interest on residential security deposits. The statute contains no interest provision, imposes no escrow or separate account requirement, and sets no cap on the deposit amount. Any payment, deposit or advance the tenant makes to secure performance of the rental agreement is held for the tenant.
The landlord may apply the deposit to remedy tenant defaults in rent, to repair damage to the premises other than ordinary wear and tear, and to clean the unit on termination. Within 45 days of the end of the tenancy the landlord must return the deposit, or give the tenant a written itemised statement of any deductions together with the balance. That statement must specify the reasons for retaining any part of the deposit.
Where the tenant has not provided a forwarding address the landlord may send the statement and balance to the tenant's last known address. Deposits are not to be treated as prepaid rent.
What if your landlord does not comply?
A landlord who withholds any portion of the deposit in bad faith is liable for damages of up to 200 dollars in addition to the amount wrongfully withheld. The tenant may recover reasonable attorney fees and court costs, and may bring the action in the appropriate court.