Yes. First, a landlord must provide a receipt for a security deposit at the time they take it. That receipt must identify the amount, the date, the premises, and the landlord’s name. M.G.L. c. 186, § 15B(2)(b).
Then, within thirty days, the landlord must give a receipt identifying the name, location, and account number of the bank holding the security deposit. The bank account the landlord sets up to hold the tenant’s security deposit must be a “separate, interest-bearing account in a bank, located within the Commonwealth.” M.G.L. c. 186, § 15B(3)(a). The remedy for a landlord’s failure to establish an appropriate account and/or failing to give the tenant a receipt indicating the banking information, is that the tenant is immediately entitled to the return of their security deposit.