Security deposits in Oklahoma are regulated by Oklahoma Statutes § 41-9 to § 41-136. Certain municipalities may have local laws that supplement state regulations. To ensure full compliance, verify the regulations applicable in your area.

Maximum Security Deposit

Oklahoma state law does not currently have a limit on the amount that landlords/property managers can require as a security deposit.

Holding & Interest Requirements

Holding Requirements: Oklahoma state law requires that security deposits be held in an escrow account in a federally insured financial institution located in Oklahoma.

‍Interest on Deposits: Oklahoma state law does not currently require landlords/property managers to pay interest to tenants on security deposits.

Information Provided to Tenant: Oklahoma state law does not currently require landlords/property managers to disclose where the security deposit is held.

Deposit Refunds

Timeline: Within 45 days after the tenant vacates the rental unit and makes a written demand, the landlord/property manager must either (1) return the full security deposit to the tenant, or (2) provide the tenant with an itemized written statement of any deductions to the security deposit together with the portion of the security deposit being returned. If the tenant does not make a written demand for the deposit within 6 months, the security deposit reverts to the landlord, and the tenant's right to the deposit terminates.

Permissible Deductions: Landlords/property managers may deduct the following from security deposit funds:

• Unpaid rent
• Damages beyond normal wear and tear
• Damages caused by the tenant’s noncompliance with the lease or Oklahoma Statutes § 41-127

Documentation of Deductions: Oklahoma state law does not require any specific documentation or level of detail to be included in the itemized notice of deductions to the security deposit.

Penalties for Violations: Failure to return the security deposit, provide an itemized statement of deductions, or comply with the security deposit holding requirements may result in the landlord/property manager being liable for up to two times the amount wrongfully withheld or misappropriated, plus attorney’s fees and court costs if the tenant wins in a lawsuit.

Sale of the Rental Property

If the property is sold, the landlord/property manager must (1) transfer the security deposit to the new owner and notify the tenant in writing of the transfer and the new owner’s name and address, or (2) return the deposit to the tenant.