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Discussions ezLandlord Questions and Answers State Landlord-Tenant Law

Secuity Deposit

I would like to use my current bank to hold tenant’s security deposit which is a Federal Credit Union Bank located in New York.  My rental property is in New Jersey.  Is this allowed by NJ law or does the bank to hold this deposit have to be located in the same state (i.e. New Jersey)?
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Hello, I do believe that the bank used to hold the security deposit is required to be located in the same state as the property. Try looking up the investment company act, or the securities act. That might help! Good luck.
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