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Security Deposit Return Laws
Deposits must be returned within one month after the lease ends or the tenant moves out, whichever occurs later.[1] If agreed to in the lease, this deadline can be extended to 60 days.
A tenant can end their lease early if the landlord fails to fix a hazardous gas problem, in which case the deposit must be returned within 72 hours.[2]
When to Take Legal Action
Tenants can take legal action if the landlord fails to return the deposit within seven days of receiving the demand letter.[3] At that point, the tenant can file a small claims case to recover up to three times the deposit amount, along with court costs and attorney’s fees.
At the time of this writing, the maximum amount that may be awarded in small claims court is $7,500.[4]
Sample
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[TENANT NAME]
[TENANT ADDRESS]
[TENANT CONTACT INFO]
Date: [DATE]
[LANDLORD NAME]
[LANDLORD BUSINESS NAME (IF APPLICABLE)]
[LANDORD ADDRESS]
Re: Return of Security Deposit
Dear [LANDLORD NAME],
I lived at [RENTAL PROPERTY ADDRESS] from [START DATE] to [END DATE]. I paid a security deposit of $[AMOUNT] at the beginning of the lease.
More than ☐ 30 days / ☐ 60 days have passed since I terminated the lease and vacated the premises, and you have not returned the deposit or an account of the amounts you retained. Per Colorado Revised Statute § 38-12-103(2), you have forfeited your right to retain any funds from the security deposit.
Please send the deposit to me at [DEPOSIT RETURN ADDRESS] within seven (7) days of your receipt of this letter. If the amount is not refunded, I intend to file suit under Colorado Revised Statute § 38-12-103(3), asking treble damages, court costs, and attorney’s fees.
Sincerely,
________________________
[TENANT NAME]