Reply to Re: Holding fee ... Twisted logic

Re: Holding fee ... Twisted logic (Score: 1) by Mark on Sunday, March 18, 2012 @11:28

Colorado law is going to consider it a security deposit, so it can't be non-refundable. That's because the statute says that any amount used to hold an apartment is a security deposit, no matter what the landlord calls it. 38-12-102. Definitions.
(2) "Security deposit" means any advance or deposit of money, regardless of its denomination, the primary function of which is to secure the performance of a rental agreement for residential premises or any part thereof. Because it's given to secure a tenancy, it's considered a security deposit. But because its to protect against unpaid rent and/or damage, if they don't move in, and you can't find someone else, you can apply it to cover unpaid rent.

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