There is a new law going into effect which would eliminate the 1% administrative fee and increases the notification requirements that landlords must give tenants. The number of the law is A-2608. I need to confirm the exact date that this law will go into effect.

It looks like December 1, 2003, yet another wonderful NJ law.
Here's what realtor.org has to say: A2608

Excuse me for being anonymous, but I'm trying to retrieve my "skinnyminny" name.

I recently crossed state borders, so this Law is new to me and my questions might appear to be simple.

Under the new law, who pays the interest to the tenant? Is it the bank or the landlord?

Do banks charge a fee to the landlord or the tenant for this service? (My bank does not, but the law seems to imply that such a fee can be assessed.)

Also, does the law require that all the interest be credited to the tenant's account?

Hi skinnminny,
My impression is that all of this falls onto the landlord, which is why they are in such an uproar. The account at the bank should be maintained as it always was. There is a lot more recordkeeping for the landlord...

I just found out about the changes to this law.... in reading the revisions, it is my understanding that the landlord must now pay their tenants annually (at lease renewal or anniversary) the amount of their accured interest for the year.

Now that this has been in effect for over a year, have your branches been visited by landlords to get the amount of interest accured and have Treasurer's checks cut from the account for that interest?

To be honest, as it is the landlord's responsibility, I don't pay attention to it.