Security Deposit Law in Ohio

[Brian Pleshek]

Am I reading this correctly?

ORC 5321.16 - Any security deposit greater than $50 or one month's rent(basically all security deposits) whichever is greater shall bear interest on the excess at 5% per annum and paid annually by the Landlord to the tenant.

This only applies to amounts greater than one month's security deposit, so if I make my security deposit equal to one month's rent, there is no interest to be paid?

And if I ask for more, perhaps to secure a marginal credit check, that amount above one month's pay would be the only part that gains interest, not the excess.  Correct?

Thanks,

Brian