Limits the amount of security deposit for residential rental premises which may be charged to a senior citizen who has occupied the premises for five years or more to the equivalent of one month's rent; entitles a person who has attained the age of sixty-two to a refund of that portion of any security deposit held by the landlord which exceeds one month's rent.

This bill limits the security deposit that landlords can charge senior citizens who have lived in their rental homes for five years or more to just one month's rent. Additionally, it allows seniors aged 62 and older to get back any part of their security deposit that is more than one month's rent.

Supporters of this bill argue that it provides essential financial relief to senior citizens, making housing more affordable for those who have long-term residency. They believe it protects vulnerable seniors from excessive financial burdens and promotes stability in their living situations.

Critics of the bill may argue that it could discourage landlords from renting to seniors, as it limits their ability to collect adequate security deposits. They might also claim that it could lead to potential financial strain on landlords, particularly small property owners, who rely on security deposits to cover damages or unpaid rent.