I'm moving out at the end of this month and I noticed that the Florida statute and lease says LL must pay 5 percent interest if he held a Surety Bond for my security deposit. I was under the impression the the bond had to be under my name and I had to pay money every month for this. However he took a complete security deposit and never charged me any money. The bond is a huge amount in the company name. Every time I asked him for interest, he has ignored me or said there is no interest, even though this is in the lease. I have been here for years now so the interest will have accumulated. He gave me a copy of the Surety Bond.
You continue to ask questions about this bond issue rather than hiring counsel. There is no freebie answer that was substitute retaining counsel and reviewing the lease and the bond itself. The last time you asked I posted a copy of the statute. Read the statue carefully. It says that landlord shall pay tenant interest at the rate of 5% per year, SIMPLE interest. So no it does not compound over time. If your deposit was $1,500, you get $75 per year. Are you willing to sue, even after say 5 years, for $375? No lawyer will take that case with that little amount (and the lawyers retainer will be many times that) and it will cost you $100 in filing fees in small claims court yourself. Maybe hiring a lawyer with a lawyer letter will pressure him to pay. But this seems hardly something to spend a whole bunch of time or money on.
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