Tenant receivesReceipt + depository notice
The landlord must provide written information identifying the depository.
If ownership changes
The statute requires affected trust-account funds to transfer to an equivalent account of the successor landlord, with prompt notice to the tenant of the new depository.
Local rules can be stricter. This guide summarizes the statewide Residential Landlord-Tenant Act. City-level protections may add deposit, fee, notice or move-out requirements.