N.J. Stat. § 46:8-21.2

Current through L. 2023, c. 256.
Section 46:8-21.2 - Limitation on amount of deposit

An owner or lessee may not require more than a sum equal to 1 1/2 times 1 month's rental according to the terms of contract, lease, or agreement as a security for the use or rental of real property used for dwelling purposes. Whenever an owner or lessee collects from a tenant an additional amount of security deposit, the amount collected annually as additional security shall not be greater than 10 percent of the current security deposit.

N.J.S. § 46:8-21.2

Amended by L. 2003, c. 188, s. 5, eff. 1/1/2004.
L.1971, c.223, s.4, eff. June 21, 1971.