§41-115.

§41-115.
   
   A. Any damage or security deposit required by a landlord of a tenant
   must be kept in an escrow account for the tenant, which account shall
   be maintained in the State of Oklahoma with a federally insured
   financial institution. Misappropriation of the security deposit shall
   be unlawful and punishable by a term in a county jail not to exceed
   six (6) months and by a fine in an amount not to exceed twice the
   amount misappropriated from the escrow account.
   
   B. Upon termination of the tenancy, any security deposit held by the
   landlord may be applied to the payment of accrued rent and the amount
   of damages which the landlord has suffered by reason of the tenant's
   noncompliance with this act and the rental agreement, all as itemized
   by the landlord in a written statement delivered by mail to be by
   return receipt requested and to be signed for by any person of
   statutory service age at such address or in person to the tenant if he
   can reasonably be found. If the landlord proposes to retain any
   portion of the security deposit for rent, damages or other legally
   allowable charges under the provisions of this act or the rental
   agreement, the landlord shall return the balance of the security
   deposit without interest to the tenant within thirty (30) days after
   the termination of tenancy, delivery of possession and written demand
   by the tenant. If the tenant does not make such written demand of such
   deposit within six (6) months after termination of the tenancy, the
   deposit reverts to the landlord in consideration of the costs and
   burden of maintaining the escrow account, and the interest of the
   tenant in that deposit terminates at that time.
   
   C. Upon cessation of a landlord's interest in the dwelling unit
   including, but not limited to, termination of interest by sale,
   assignment, death, bankruptcy, appointment of receiver or otherwise,
   the person in possession of the tenants' damage or security deposits
   at his option or pursuant to court order shall, within a reasonable
   time:
   
   1. Transfer said deposits to the landlord's successor in interest and
   notify the tenants in writing of such transfer and of the transferee's
   name and address; or
   
   2. Return the deposits to the tenants.
   
   D. Upon receipt of the transferred deposits under paragraph 1 of
   subsection C of this section, the transferee, in relation to such
   deposits, shall have all the rights and obligations of a landlord
   holding such deposits under this act.
   
   E. If a landlord or manager fails to comply with this section or fails
   to return any prepaid rent required to be paid to a tenant under this
   act, the tenant may recover the damage and security deposit and
   prepaid rent, if any.
   
   F. Except as otherwise provided by the rental agreement, a tenant
   shall not apply or deduct any portion of the security deposit from the
   last month's rent or use or apply such tenant's security deposit at
   any time in lieu of payment of rent.
   
   G. This section does not preclude the landlord or tenant from
   recovering other damages to which he may be entitled under this act.