A lessor of residential real property, containing four (4) or more units, who receives a security deposit from a lessee to secure the payment of rent or compensation for damage to property shall pay interest to the lessee within thirty (30) days of termination of the lease agreement. Such interest shall be computed from the date of the deposit through the date of payment of the interest at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this state, on minimum deposit passbook savings accounts as of December 31 of the calendar year immediately preceding the inception of the rental agreement, on any deposit held by the lessor for more than six (6) months. Such interest rate shall be set forth in the rental agreement. (Ord. 1993-0-100, 12-6-1993; amd. Ord. 15-184, 11-2-2015, eff. 12-1-2015)