What is the penalty for a landlord's failure to place a security deposit in a separate account?

[cid:image001.jpg@01CE6146.2C3E79E0]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.

death

Eric D. Rapkin
Akerman Senterfitt | 350 East Las Olas Boulevard | Suite 1600 | Fort Lauderdale, FL 33301
Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350
eric.rapkin@akerman.com

V Cardhttp://www.akerman.com/bios/vcard.asp?id=574 | Biohttp://www.akerman.com/bios/bio.asp?id=574 | akerman.comhttp://www.akerman.com/574

[http://www.akerman.com/akermanlogo4.gif]

CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.

CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord’s failure to place a security deposit in a separate account?

[http://www.shutts.com/shutts100.jpg]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.

None.

If the property manager/agent is a  broker or licensed and under the broker,
FREC can penalize the broker/agent for failure to follow the law. The
Florida Division of Agriculture and Consumer Services gets involved
sometimes but I have never seen them go futher than writing  a letter,
asking for an explanation and ending it at that point.

Harry

LAW OFFICES OF
HEIST, WEISSE & WOLK P.A.
PH: 1 800 253 8428
FAX: 1 800 367 9038
"Serving the Property Management Professional"
Website:  www.evict.com http://www.evict.com/
Email: harry@evict.com

THIS E-MAIL MESSAGE IS CONFIDENTIAL, ATTORNEY-CLIENT PRIVILEGED, AND
INTENDED FOR THE PERSONS NAMED ABOVE ONLY.  ALL OTHER USE, COPYING, OR
DISTRIBUTION IS STRICTLY PROHIBITED.

From: landten-bounces@lists.flabarrpptl.org
[mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord's failure to place a security deposit in
a separate account?

http://www.shutts.com/shutts100.jpg

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401

Direct: (561) 650-8510 | Fax: (561) 822-5510
mailto:AMenor@shutts.com E-Mail |
http://www.shutts.com/attorneys-Arthur-Menor.html Biography |
http://www.shutts.com/vcard-132.vcf V-Card |  http://www.shutts.com
Website

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury
Department Regulations, we are now required to advise you that, unless
otherwise expressly indicated,any federal tax advice expressed above was
neither written nor intended by the sender or this firm to be used and
cannot be used by any taxpayer for the purpose of avoiding penalties that
may be imposed under U.S. tax law. If any person uses or refers to any such
tax advice in promoting, marketing or recommending a partnership or other
entity, investment plan or arrangement to any taxpayer, then the advice
should be considered to have been written to support the promotion or
marketing by a person other than the sender or this firm of that transaction
or matter, and such taxpayer should seek advice based on the taxpayer's
particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential.
If you are not the intended recipient, nor the employee or agent responsible
for delivering it to the intended recipient, you are hereby notified that
any dissemination or copying of this transmission (including any
attachments) is strictly prohibited. If you have received this email in
error, please notify the sender by email reply.
Thank you.

I believe the consequence is the Landlord would have to pay the tenant interest on the deposit at a rate of 5% per year.  See F.S. 83.49.
Cary 
Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416 
Phone: (561) 281-2744 

IRS Circular 230 Notice:  Pursuant to recently enacted  U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law.  If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
 
Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

From: Arthur J. Menor AMenor@shutts.com
To: 'RPPTL Landlord Tenant Committee' landten@lists.flabarrpptl.org
Sent: Tuesday, June 4, 2013 5:08 PM
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord’s failure to place a security deposit in a separate account?
 
Arthur J. Menor 
Partner 

Shutts& Bowen LLP 
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510| Fax: (561) 822-5510
E-Mail|Biography | V-Card | Website
 
 ___________________________________________________________IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you._______________________________________________landten mailing listlandten@lists.flabarrpptl.orghttp://mailman.fsr.com/mailman/listinfo/landten

Eric,
 
I must have missed that revision in the new statutes. :)  Seems appropriate though.

Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416 
Phone: (561) 281-2744 

IRS Circular 230 Notice:  Pursuant to recently enacted  U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law.  If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
 
Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

From: "Eric.Rapkin@akerman.com" Eric.Rapkin@akerman.com
To: landten@lists.flabarrpptl.org
Sent: Tuesday, June 4, 2013 5:13 PM
Subject: Re: [RPPTL LandTen] Residential Security Deposits

death
 
Eric D. Rapkin
Akerman Senterfitt | 350 East Las Olas Boulevard | Suite 1600 | Fort Lauderdale, FL 33301 
Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350
eric.rapkin@akerman.com    V Card | Bio | akerman.com
CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.
CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
From:landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits
 
What is the penalty for a landlord’s failure to place a security deposit in a separate account?
 
Arthur J. Menor 
Partner 

Shutts& Bowen LLP 
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510| Fax: (561) 822-5510
E-Mail|Biography | V-Card | Website
 
 

IRS CIRCULAR 230 NOTICE:Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of
this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.    _______________________________________________landten mailing listlandten@lists.flabarrpptl.orghttp://mailman.fsr.com/mailman/listinfo/landten

Not my area but the first question to ask is, is deposit into a separate account required.

There is an exemption for someone who owns less than a give number of units.

This email message was sent by:

Lloyd Granet
Law Offices of Lloyd Granet, P.A.
2295 NW Corporate Boulevard, Suite 235
Boca Raton, FL 33431
Direct Dial:  (561) 999-0090
Main Number:  (561) 999-9300 x110
Fax: (561) 999-9400
Email: lgranet@granetlaw.com

NOTICE:  IRS Circular 230 Disclosure:  In order to ensure compliance with IRS Circular 230, we must inform you that any U.S. tax advice contained in this transmission and any attachments hereto is not intended or written to be used and may not be used by any person for the purpose of (i) avoiding any penalty that may be imposed by the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter(s) addressed herein.

NOTICE: This communication is: (a) sent by an attorney or his/her agent, (b) confidential, and (c) intended only for the use of the individual or entity to which it is addressed. If the addressee is a client, this communication is also subject to applicable privileges. If you are not the addressee, or the employee or agent responsible for the delivery to the addressee, any dissemination, distribution or copying of this communication is prohibited. If you received this communication in error: (a) any dissemination, distribution or copying is prohibited, and (b) Lloyd Granet, P.A. requests that you immediately notify us at (561) 999-9300 (collect) and destroy this communication. Thank you.

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord's failure to place a security deposit in a separate account?

[http://www.shutts.com/shutts100.jpg]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.

Cary, where in 83.49 is the 5% interest remedy?

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Cary Sabol
Sent: Tuesday, June 04, 2013 5:17 PM
To: RPPTL Landlord Tenant Committee
Subject: Re: [RPPTL LandTen] Residential Security Deposits

I believe the consequence is the Landlord would have to pay the tenant interest on the deposit at a rate of 5% per year.  See F.S. 83.49.
Cary
Law Offices of Cary P. Sabol
P.O. Box 15981 | West Palm Beach | Florida | 33416
Phone: (561) 281-2744
IRS Circular 230 Notice: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Confidentiality Notice: This electronic mail transmission is intended for the use of the individual or entity to which it is addressed and may contain confidential information belonging to the sender which is protected by the attorney-client privilege. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or the taking of any action in reliance on the contents of this information is strictly prohibited. If you have received this transmission in error, please notify the sender immediately by e-mail and delete the original message. Thank you for your cooperation.

From: Arthur J. Menor <AMenor@shutts.commailto:AMenor@shutts.com>
To: 'RPPTL Landlord Tenant Committee' <landten@lists.flabarrpptl.orgmailto:landten@lists.flabarrpptl.org>
Sent: Tuesday, June 4, 2013 5:08 PM
Subject: [RPPTL LandTen] Residential Security Deposits
What is the penalty for a landlord’s failure to place a security deposit in a separate account?

[cid:image001.jpg@01CE6148.39DC46C0]

Arthur J. Menor
Partner
Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com/

___________________________________________________________IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.
_______________________________________________landten mailing listlandten@lists.flabarrpptl.orgmailto:landten@lists.flabarrpptl.orghttp://mailman.fsr.com/mailman/listinfo/landten

Doesn't the exemption only apply to the duty to give the tenant a notice about the manner in which the deposit is being held?

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Lloyd Granet
Sent: Tuesday, June 04, 2013 5:20 PM
To: RPPTL Landlord Tenant Committee
Subject: Re: [RPPTL LandTen] Residential Security Deposits

Not my area but the first question to ask is, is deposit into a separate account required.

There is an exemption for someone who owns less than a give number of units.

This email message was sent by:

Lloyd Granet
Law Offices of Lloyd Granet, P.A.
2295 NW Corporate Boulevard, Suite 235
Boca Raton, FL 33431
Direct Dial:  (561) 999-0090
Main Number:  (561) 999-9300 x110
Fax: (561) 999-9400
Email: lgranet@granetlaw.commailto:lgranet@granetlaw.com

NOTICE:  IRS Circular 230 Disclosure:  In order to ensure compliance with IRS Circular 230, we must inform you that any U.S. tax advice contained in this transmission and any attachments hereto is not intended or written to be used and may not be used by any person for the purpose of (i) avoiding any penalty that may be imposed by the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter(s) addressed herein.

NOTICE: This communication is: (a) sent by an attorney or his/her agent, (b) confidential, and (c) intended only for the use of the individual or entity to which it is addressed. If the addressee is a client, this communication is also subject to applicable privileges. If you are not the addressee, or the employee or agent responsible for the delivery to the addressee, any dissemination, distribution or copying of this communication is prohibited. If you received this communication in error: (a) any dissemination, distribution or copying is prohibited, and (b) Lloyd Granet, P.A. requests that you immediately notify us at (561) 999-9300 (collect) and destroy this communication. Thank you.

From: landten-bounces@lists.flabarrpptl.orgmailto:landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord's failure to place a security deposit in a separate account?

[cid:image001.jpg@01CE6148.B0DC99F0]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.

lol

Eric Jacobs
ejacobs@beloffparker.com
Partner
AV Rated
Board Certified – Real Estate
Beloff | Parker | Jacobs, PLC

Broward Office
1930 Harrison Street, Suite 208
Hollywood, Florida 33020
(954) 929-0679 Telephone
(888) 632-4944 Facsimile

Confidentiality and Relationship Disclosure. If you are reading this, congratulations, you are probably the first.  For years law firms have included lengthy disclosures at the bottom of their emails which in our view are of, at best, marginal legal value.  We have decided not to do that.  Instead, we will ask that if you got this email and shouldn't have, let us know and please don't read it (though if you've read this, chances are that ship has sailed).  Also, just because we exchange emails doesn't make us your lawyer(s).  If you would like to create an attorney/client relationship, we're glad to hear it and would be happy to provide you with an engagement letter.  As soon as you have received written confirmation from us, you can consider our relationship formed.

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Eric.Rapkin@akerman.com
Sent: Tuesday, June 04, 2013 5:14 PM
To: landten@lists.flabarrpptl.org
Subject: Re: [RPPTL LandTen] Residential Security Deposits

death

Eric D. Rapkin
Akerman Senterfitt | 350 East Las Olas Boulevard | Suite 1600 | Fort Lauderdale, FL 33301
Dir: 954.759.8962 | Main: 954.463.2700 | Cell: 305.343.6129 | Fax: 954.847.5350
eric.rapkin@akerman.commailto:eric.rapkin@akerman.com

V Cardhttp://www.akerman.com/bios/vcard.asp?id=574 | Biohttp://www.akerman.com/bios/bio.asp?id=574 | akerman.comhttp://www.akerman.com/574

[http://www.akerman.com/akermanlogo4.gif]

CONFIDENTIALITY NOTE: The information contained in this transmission may be privileged and confidential, and is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this transmission in error, please immediately reply to the sender that you have received this communication in error and then delete it. Thank you.

CIRCULAR 230 NOTICE: To comply with U.S. Treasury Department and IRS regulations, we are required to advise you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this transmittal, is not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding penalties under the U.S. Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this e-mail or attachment.
From: landten-bounces@lists.flabarrpptl.orgmailto:landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord’s failure to place a security deposit in a separate account?

[http://www.shutts.com/shutts100.jpg]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.

I don't even bother with the separate accounts issue in my tenant cases. Other than what Harry mentioned, there doesn't seem to be a penalty. Unlike treble-rent for prohibited practices or waiver for not making a timely deposit claim, the legislature wrote a bunch of "shalls" without including a remedy for it.

I suppose you could make a breach of contract claim if damages somehow resulted from the  lack of separate accounts or the lack of notice. I don't think you can automatically treat the 5% interest as damages, because the landlord had the choice of keeping it a non-interest-bearing account.

You could also use it for an unclean hands/obligation of good faith defense to an eviction, but I doubt it would be very compelling.

Shane Weaver, Esq.
Fair Housing Project
Legal Aid Society of Palm Beach County, Inc.
423 Fern Street, Suite 200
West Palm Beach, FL 33401
Tel. (561) 822-9785
Fax (561) 822-9885

From: landten-bounces@lists.flabarrpptl.org [mailto:landten-bounces@lists.flabarrpptl.org] On Behalf Of Arthur J. Menor
Sent: Tuesday, June 04, 2013 5:09 PM
To: 'RPPTL Landlord Tenant Committee'
Subject: [RPPTL LandTen] Residential Security Deposits

What is the penalty for a landlord's failure to place a security deposit in a separate account?

[cid:image001.jpg@01CE6149.5D39D0A0]

Arthur J. Menor
Partner

Shutts & Bowen LLP
CityPlace Tower, 525 Okeechobee Blvd, Suite 1100 | West Palm Beach, FL 33401
Direct: (561) 650-8510 | Fax: (561) 822-5510
E-Mailmailto:AMenor@shutts.com | Biographyhttp://www.shutts.com/attorneys-Arthur-Menor.html | V-Cardhttp://www.shutts.com/vcard-132.vcf | Websitehttp://www.shutts.com

IRS CIRCULAR 230 NOTICE: Pursuant to recently enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated,any federal tax advice expressed above was neither written nor intended by the sender or this firm to be used and cannot be used by any taxpayer for the purpose of avoiding penalties that may be imposed under U.S. tax law. If any person uses or refers to any such tax advice in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the advice should be considered to have been written to support the promotion or marketing by a person other than the sender or this firm of that transaction or matter, and such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

The information in this email transmission is privileged and confidential. If you are not the intended recipient, nor the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination or copying of this transmission (including any attachments) is strictly prohibited. If you have received this email in error, please notify the sender by email reply.
Thank you.