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Thu 25

BARHA MIX – Member Idea Exchange

March 25 @ 8:30 am9:30 am
Apr 08

Top 5 Legal Pitfalls

April 8 @ 12:00 pm1:30 pm
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Security Deposits

Since the early 1980s, the City of Boulder has required that interest be paid on Security Deposits. A fixed amount of 5.5% was set at the time the law was passed and that amount remained in effect until 2004. In 2004 BARHA was able to convince City Council members to change the fixed 5.5% interest requirement to a floating interest rate that is re-established in December of each year that would be based on real market interest rates. Owners had been losing money on the 5.5% for years since they were unable to obtain that high interest level at the time they were being forced to pay out that rate. The new system is much fairer and more reasonable and will keep up with real market rates.

It should be noted that the rate of interest to be paid is based upon the rate in effect at the time the security deposit money is received, not at the rate in effect when the refund is issued. All property owners have saved significant amounts of money because of this important interest requirement change that BARHA was able to negotiate.