Maine security deposit rules.
The Maine rules for residential security deposits in plain English: how much can be charged, how fast it comes back, whether interest is owed, and what catches operators out.
Last reviewed · Statute: 14 M.R.S. § 6031 et seq. · Not legal advice
How much can be charged
Capped at two months’ rent.
When it has to come back
30 days for written rentals; 21 days for tenancies at will. Itemised deductions required.
Interest
No interest is required.
Where the money has to sit
Deposits must be held in a separate account at a Maine-chartered or federally insured institution; commingling is prohibited.
What catches operators out
- Maine prohibits commingling — a portfolio operator with one shared deposit account is non-compliant.
- Wilful retention = liquidated damages of double the deposit plus reasonable attorney’s fees.
What this looks like with Standby in Maine.
When a resident takes a Standby certificate there is no cash deposit to hold, so the cap, the return deadline and the interest rules above have nothing to attach to. You are covered up to the full deposit and draw on it when you need to.
When a resident pays cash instead, Standby handles that deposit under your lease and Maine law, so your team is not tracking return deadlines by hand.
This page summarises the most common single-family and multifamily residential rule in Maine. Furnished units, senior leases, mobile-home tenancies and short-term rentals can differ, and city ordinances may override the state default. Check the statute before relying on a figure for a specific lease.