TRENTON – A measure sponsored by Senator Fred H. Madden which will ensure that residents of assisted living facilities receive a refund of their security deposit if they move has been signed into law.
“By nature, security deposits are supposed to be returned, providing that residents hold up their end of the bargain by taking good care of their rental unit,” said Senator Madden, D-Camden and Gloucester. “This new law will give residents of assisted living facilities what is rightfully theirs, if and when they decide to move.”
The Senator’s bill, S-2202, provides that residents in assisted living facilities be refunded their deposit plus interest earned when they vacate the facility, providing they give 30 days notice of their intent to vacate the facility. All facilities must be licensed by the Department of Health and Senior Services for the security deposit rules to apply.
“Often, residents of assisted living facilities are older or disabled, and for many of them, the return of their security deposit would help to ease their financial burden – especially in these tough financial times,” said Senator Madden.