Bill Description: House Bill 152 compels third-party rental property managers to hold security deposits in a separate account at a federally insured financial institution.
Does it give government any new, additional, or expanded power to prohibit, restrict, or regulate activities in the free market? Conversely, does it eliminate or reduce government intervention in the market?
House Bill 152 amends Section 6-321, Idaho Code, to require that third-party rental property managers place the security deposits they collect "in a separate account at a federally insured financial institution." It further mandates that "such [an] account shall be maintained separate from the third-party agent's operating account."
These regulations to control how and where third-party rental property managers manage security deposits are an unwarranted imposition on market activity.
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