The ordinance amends Chapter 9-800 of The Philadelphia Code concerning landlord and tenant relations, specifically focusing on security deposits for residential rentals. It establishes new requirements for collecting security deposits, limiting them to amounts permitted under state law (68 P.S. ยง 250.511a). For deposits exceeding one month's rent, landlords must offer installment payment options (three equal payments after an initial lump sum of one month's rent), though lump sums are still allowed. This installment option does not apply to landlords managing two or fewer rental units. The ordinance also addresses unlawful retention of security deposits and provides remedies for violations, including actual damages or statutory damages equivalent to one month's rent, plus attorney's fees and costs. The ordinance is effective 90 days after adoption and applies to new or renewed leases.