How to Hold and Return a Security Deposit in Maine

Managing a Security Deposit in Maine

In Maine, you may not charge a security deposit that exceeds two months' rent.

Storing the Deposit

Maine offers no state legal guidance on how to store a security deposit. Many people opt to keep them in a bank account separate from their personal finances.

Returning the Deposit

You must return your subtenant's security deposit within 30 days of the end of the sublease. You can use the security deposit to cover any unpaid rent or utility bills at the end of the sublease or to cover the cost of any damages to the unit that exceed normal wear and tear. If you plan to keep any of the security deposit, you must provide an itemized list of the deductions detailing how much is to be withheld and why. If you fail to follow these instructions, you forfeit your right to withhold any of the security deposit, so be sure to follow them closely. If you fail to follow these instructions and your subtenant files a suit in Small Claims Court, they may be awarded by the court twice the amount wrongfully withheld plus attorney's fees.