Thousands of tech forward landlords hold security deposits in a free Baselane banking account.
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.
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.
Make it easy to manage rental security deposit accounts with Baselane's Banking accounts.
