If the owner fails to provide a refund for a security deposit in a timely manner, what is the resident entitled to?

When an owner fails to return a security deposit within the required timeframe, the resident is typically entitled to the full refund plus interest. This entitlement serves as a protective measure for tenants, ensuring that their financial rights are respected and that they receive compensation for any delays in the return of their deposit.

The expectation of a timely refund and potential interest reflects a tenant's rights within leasing agreements and landlord-tenant laws. Each state may have specific statutes regulating the return of security deposits, including deadlines and interest accrual, which reinforces the importance of compliance by landlords and offers a form of recourse for tenants if such timelines aren’t honored.

Other options, such as partial refunds without interest or no refund at all, do not align with the typical legal protections provided to tenants. Additionally, while a fee for delay may sound plausible, it generally does not compensate the tenant in the same way that interest on withheld funds does. Thus, the correct choice signifies both the full refund of the deposit and recognition of the tenant's financial entitlement when a landlord fails in their obligations.