§ 4551.04 — Renter's Choice

4551.04 - Renter's Choice

(a) Renter's Choice. If an operator requires that a tenant pay a security deposit, no operator shall fail to provide written notice of the security deposit payment alternatives as described in this division. Prior to entering into a rental agreement, a tenant required to pay a security deposit shall either pay the required security deposit in full or select and subsequently fulfill one of the following rental security deposit payment alternatives: (1) payment of the security deposit over a series of no fewer than 3 monthly installment payments, which installments shall be due on the same day as the monthly rent payment and which may be paid together with the monthly rent payment in a single transaction, (2) payment of the security deposit over a series of no fewer than 6 monthly installment payments, which installments shall be due on the same day as the monthly rent payment and which may be paid together with the monthly rent payment in a single transaction, (b) This section shall not apply to any operator with fewer than 5 rental units. (c) The provisions of this section shall apply to any residential lease that is executed or renewed after the effective date of this ordinance. (d) Organizational criminal liability as provided for in Section 2301.23 is contemplated where an organization is an operator. (e) The offense established under division (a) of this section is a strict liability offense. (f) An operator who violates division (a) is guilty of failure to provide notice of renter's choice, a misdemeanor of the fourth degree. (g) Nothing in this section shall be construed so as to mandate that an operator require a tenant to pay a security deposit and nothing in this section shall be construed to prohibit the use of alternative lawful means of providing assurances as to the performance of the rental agreement and/or compensation for possible loss or damage to the rental property.

(Ord. No. 0495-2021, § 1, 3-8-2021)