Within 14 days of tenant’s taking possession of the rental, landlord must furnish in writing the landlord’s name and address for receipt of communications, the name and address of the financial institution or surety where the deposit will be held, and the tenant’s obligation to provide in writing a forwarding mailing address to the landlord within 4 days after termination of occupancy. The notice shall include the following statement in 12-point boldface type that is at least 4 points larger than the body of the notice or lease agreement: “You must notify your landlord in writing within 4 days after you move of a forwarding address where you can be reached and where you will receive mail; otherwise your landlord shall be relieved of sending you an itemized list of damages and the penalties adherent to that failure.” (Mich. Comp. Laws §§ 554.602 to 554.616)
Michigan Security Deposit Limit
The maximum amount charged may not exceed the equivalent of one and one-half months’ rent. The name and address of the financial institution or surety where the deposit will be held must disclosed to the tenant.
Deadline for Returning Security Deposit
After the tenant has moved out, the deposit must be returned within 30 days along with an itemized statement if there any deductions taken for damage, unpaid rent, etc. Tenants have up to seven days to dispute any deductions or surrender the right to dispute. To ensure timely communication, landlords should remind tenants of their obligation to provide a forwarding address within 4 days after they move out.