How to Hold and Return a Security Deposit in Oklahoma

Managing a Security Deposit in Oklahoma

In Oklahoma, there is no limit to the amount you may charge as a security deposit. The standard security deposit amount is equal to one month's rent.

Storing the Deposit

State law demands that a security deposit must be kept in a escrow account in a bank that operates locations in Oklahoma and is federally insured. If you do not hold the security deposit in this manner, you can be sentenced to up to 6 months in county jail.

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 at the end of the sublease or to cover the cost of any damages to the unit that exceed normal wear and tear. You must provide your subtenant with a written, itemized list of any amount you plan to withhold from the deposit within 30 days of the end of the sublease. This list must be delivered by mail, return receipt requested, signature required.