It depends often on the state in which the property is located and if the individual accepting the deposit is the owner and/or whether they are a licensed real estate broker or not. For example, in North Carolina, where I practice, there is an entire statue that deals with accepting security deposits for residential leases, holding the deposit in an escrow or trust account or whether the deposit can be bonded. It also of course depends on the terms of the lease. A local attorney or real estate broker might be able to direct you to the guidelines for your state.
Oct 21, 2011