Where all or part of security deposit is converted into monthly rent, such monthly rent shall not exceed the extent of monthly rent obtained by multiplying an amount to be converted by a rate which is lower between the following subparagraphs: <Amended on May 17, 2010; Aug. 13, 2013>
1. A rate prescribed by Presidential Decree in consideration of the interest rate on loans of banks under the Banking Act, the economic conditions of the relevant areas, etc.
2. A rate obtained by multiplying the basic interest rate officially announced by the Bank of Korea by the multiple prescribed by Presidential Decree.[This Article Wholly Amended on Jan. 30, 2009]