Michigan Deposit bank holding / separate account
Deposit bank holding / separate account in Michigan
The deposit must be kept in a regulated financial institution, unless the landlord posts a cash or surety bond with the Secretary of State, in which case the money may be used. Code text: "The security deposit shall be deposited in a regulated financial institution."
Verified Source: MCL 554.604(1) · last checked 2026-10-23
Same topic in neighboring states
All Michigan landlord-tenant law · Michigan landlord FAQ · Security deposit limit · Deposit return deadline · Notice to enter · Required lease disclosures · Required disclosures (mold, lead, radon, bedbug, asbestos, flood zone)
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