Home National Weather As deadline for veto override approaches, Baltimore Council President Nick Mosby pitches security deposit grants

As deadline for veto override approaches, Baltimore Council President Nick Mosby pitches security deposit grants

by DrewLUD
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The bill passed on a 12-2 vote with one abstention, but some council members objected to the latter provision. They argued “insurance” is a misleading term for this type of security deposit alternative, which is typically offered via a surety bond. In such an arrangement, a tenant often pays a nonrefundable premium that is lower than a typical lump-sum deposit. In exchange, the bond company pays damage claims made by the landlord. Then, the company bills the tenant for the costs.

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Source: Baltimore Sun