Easily collect and manage deposits for every property with dedicated security deposit accounts.
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Security deposit funds are instantly separated, making move-in, move-out, and returns completely clear.
Limit: In Maine, landlords may collect a tenant security deposit of up to two months’ rent. For tenants renting in a mobile home park, the maximum tenant deposit is limited to one month’s rent. The amount must be clearly stated in the lease agreement, and using a dedicated security deposit bank account in Maine helps ensure compliance and transparency in managing tenant funds.
Return Deadline: The landlord must return the tenant security deposit within 30 days after the tenant vacates the property and provides a forwarding address. If deductions are made, the landlord must include an itemized statement outlining all charges. Failure to return the tenant deposit or provide the statement within 30 days may result in the landlord being liable for double the amount wrongfully withheld.
Acceptable Deductions: The tenant security deposit can be used to cover unpaid rent, late fees, damages beyond normal wear and tear, and reasonable cleaning costs necessary to restore the property to its original condition. The landlord must provide receipts, invoices, or written estimates to support all deductions taken from the tenant deposit.
Where to Deposit: Maine law requires landlords to hold tenant deposits in a separate, interest-bearing account at a financial institution located in the state. Landlords must disclose the name and address of the bank to the tenant in writing. Interest earned on the deposit must be paid annually to the tenant or applied toward rent if the tenancy lasts longer than one year. Maintaining a security deposit escrow account in Maine or a landlord tenant security deposit bank account in Maine ensures proper handling of funds and compliance with state law, even though the security deposit interest rate is determined by the financial institution holding the funds.
Open a security deposit account and use physical & virtual debit cards with custom spend controls and automated transaction tagging with Schedule E categories.
Collect funds for security deposits via ACH, wire or check.
Each tenant deposit Maine landlord receives must be held in an escrow account at a bank or financial institution.
The maximum security deposit Maine landlords can collect is 2 months' rent. This amount is consistent with the national average security deposit in many regions.
Generally, Maine security deposit interest is not mandatory, meaning the security deposit interest rate is zero. But, state law security deposit rules do require paying interest on the security deposit in Maine if the rental unit is in a mobile home park.
Each tenant deposit Maine landlord receives must be held in an escrow account at a bank or financial institution.
The maximum security deposit Maine landlords can collect is 2 months' rent. This amount is consistent with the national average security deposit in many regions.
Generally, Maine security deposit interest is not mandatory, meaning the security deposit interest rate is zero. But, state law security deposit rules do require paying interest on the security deposit in Maine if the rental unit is in a mobile home park.
Collect, return, and track deposits by tenant and property, even when funds are held in external accounts.
Keep every deposit organized and accounted for with secure transfers to Maine security deposit accounts.
Manage deposits for all entities under one login — LLCs, corporations, partnerships, and individuals.
Collect rent and deposits online for free and easily return deposits via ACH, wire, or check.
Track and tag payments to the right tenant and property — automatically.
Collect, return, and track deposits by tenant and property, even when funds are held in external accounts.
Keep every deposit organized and accounted for with secure transfers to Maine security deposit accounts.
Manage deposits for all entities under one login — LLCs, corporations, partnerships, and individuals.
Collect rent and deposits online for free and easily return deposits via ACH, wire, or check.
Track and tag payments to the right tenant and property — automatically.
Everything you need for every part of the rental process.
Upload or create and e-sign state-specific leases online.
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
Everything you need for every part of the rental process.
Upload or create and e-sign state-specific leases online.
Screen tenants online for free — instantly verify credit, background, evictions, ID, and income.
Open unlimited checking and savings accounts to easily separate funds for all your properties with no monthly maintenance fees.
Set up your security deposit {{ state }} account and start collecting.
Open a banking account online — no monthly account maintenance fees or minimums.
Collect security deposits online via ACH or card.
Auto-tag deposits in Baselane and external accounts to specific properties.
Sign up and start collecting deposits in {{ state }}.
Open a banking account online — no monthly account maintenance fees or minimums.
Collect security deposits online via ACH or card.
Auto-tag deposits in Baselane and external accounts to specific properties.
Baselane accounts cannot hold security deposits in states requiring escrow or state-based accounts, but can be used to collect, track, and securely transfer deposits to compliant external accounts.
2 months' rent
No
Must be held in an escrow account with a bank or other financial institution, and inform the tenant about the account number and location of the security deposit bank account in Maine.
Unpaid rent or charges, house repairs, lease violations, and cleaning costs
21 days (no deductions) or 30 days (itemized deduction with any pending deposit amount)
2 months' rent
No
Must be held in an escrow account with a bank or other financial institution, and inform the tenant about the account number and location of the security deposit bank account in Maine.
Unpaid rent or charges, house repairs, lease violations, and cleaning costs
21 days (no deductions) or 30 days (itemized deduction with any pending deposit amount)
Maine landlords can charge up to two months’ rent as a security deposit. For mobile home park tenants, the limit is one month’s rent. Deposits must be returned within 30 days after the tenant moves out, along with an itemized statement of any deductions for damage or unpaid rent.
Baselane Security Deposit Accounts are available to landlords in most U.S. states, including Maine. Baselane works with FDIC-insured and state-authorized financial institutions to securely hold tenant deposits in compliance with Maine’s requirements for separate, interest-bearing accounts.
The landlord sets the security deposit amount according to Maine’s legal limits, up to two months’ rent for standard leases. Baselane provides compliant, interest-bearing accounts to hold tenant funds securely, automate interest payments, and simplify documentation for landlords and tenants.
Baselane Security Deposit Accounts are held with FDIC-insured partner banks and use strong encryption to protect data and funds. Each tenant’s deposit is kept in a separate account, ensuring compliance with Maine’s legal requirements for holding security deposits.
A new agreement is not required in Maine if the tenant continues under a month-to-month tenancy and the original lease terms remain in effect. The landlord must continue to hold the deposit in compliance with state law and pay interest annually if applicable.
Landlords in Maine can collect the security deposit when the lease is signed or before the tenant moves in. The funds must be placed in a separate, interest-bearing account at a Maine financial institution, and tenants must be notified in writing of the account details.
The Maine security deposit limit is 2 months' rent. Landlords can also charge first and last month's rent plus the security deposit, as the limit does not cover prepaid rent.
No, Maine security deposit interest is generally not required. Landlords only pay interest if the unit is in a mobile home park.
Landlords don’t need to disclose the landlord tenant security deposit bank account to tenants the tenant. Only if tenants ask then landlords must share the bank anime and account number where the funds are kept.
You must return the full remaining tenant security deposit in Maine within 21 days if you claim no deductions. If you make deductions, you have 30 days to return the remainder along with an itemized list.
A landlord in Maine is legally permitted to deduct costs from the security deposit for unpaid rent and for damage to the rental unit (such as a house rental, apartment, or condo) that goes beyond normal wear and tear, including specific damages like floor damage. Importantly, if a landlord wrongfully deducts funds for normal wear and tear, the landlord becomes liable for double damages to the tenant. The landlord's rights to security deposit deductions are clearly laid out in the state law.
Yes, you can use the funds from the security deposit escrow account in Maine to recover any overdue rent from tenants. This is one of the most common and legally allowed deduction under the Maine Landlord rights security deposit rules.
If a tenant breaks their lease, landlord security deposit in Maine can be used to cover any lost rent. Since the tenant usually owes rent until a new renter is found, the deposit can help cover the gap from the vacancy. But, as a landlord you need to make a solid effort to find a replacement tenant as soon as possible.
The Maine security deposit limit is 2 months' rent. Landlords can also charge first and last month's rent plus the security deposit, as the limit does not cover prepaid rent.
No, Maine security deposit interest is generally not required. Landlords only pay interest if the unit is in a mobile home park.
Landlords don’t need to disclose the landlord tenant security deposit bank account to tenants the tenant. Only if tenants ask then landlords must share the bank anime and account number where the funds are kept.
You must return the full remaining tenant security deposit in Maine within 21 days if you claim no deductions. If you make deductions, you have 30 days to return the remainder along with an itemized list.
A landlord in Maine is legally permitted to deduct costs from the security deposit for unpaid rent and for damage to the rental unit (such as a house rental, apartment, or condo) that goes beyond normal wear and tear, including specific damages like floor damage. Importantly, if a landlord wrongfully deducts funds for normal wear and tear, the landlord becomes liable for double damages to the tenant. The landlord's rights to security deposit deductions are clearly laid out in the state law.
Yes, you can use the funds from the security deposit escrow account in Maine to recover any overdue rent from tenants. This is one of the most common and legally allowed deduction under the Maine Landlord rights security deposit rules.
If a tenant breaks their lease, landlord security deposit in Maine can be used to cover any lost rent. Since the tenant usually owes rent until a new renter is found, the deposit can help cover the gap from the vacancy. But, as a landlord you need to make a solid effort to find a replacement tenant as soon as possible.
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
