68 Pa. Stat. § 250.511c

Current through P.A. Acts 2020-95, 2020-97 through 2020-113, and 2020-115 through 2020-140
Section 250.511c - Bond in lieu of escrowing

Every landlord subject to the provisions of this act may, in lieu of depositing escrow funds, guarantee that any escrow funds, less cost of necessary repairs, including interest thereon, shall be returned to the tenant upon termination of the lease, or on surrender and acceptance of the leasehold premises. The guarantee of repayment of said escrow funds shall be secured by a good and sufficient guarantee bond issued by a bonding company authorized to do business in Pennsylvania.

68 P.S. § 250.511c

1951, April 6, P.L. 69, art. V, § 511.3, added 1972, Dec. 29, P.L. 1698, No. 363, § 1.