If a landlord does not refund a security deposit within the specified time frame after a tenant surrenders the property, what can the landlord be liable for?

When a landlord fails to refund a security deposit within the specified time frame after a tenant has surrendered the property, the landlord can indeed be liable for treble the amount wrongfully withheld. This consequence is in line with Colorado law, which is designed to protect tenants' rights and ensure they are reimbursed promptly for any security deposits.

The rationale behind this law is to discourage landlords from unlawfully withholding security deposits and to promote fair treatment of tenants. By imposing a penalty that is three times the amount wrongfully withheld, the law provides a strong incentive for landlords to adhere strictly to the refund timelines and conditions set forth in the lease agreement and the Colorado statutes.

In contrast, the options that propose only double the deposit amount or just the initial deposit amount do not reflect the harsher penalties intended to ensure compliance. Additionally, stating none of the options would not align with the established legal framework that supports tenants' rights in Colorado. Thus, the liability for treble damages serves as a powerful motivation for landlords to fulfill their obligations regarding security deposits promptly.