Can the Zelle notes be enough of a written statement when returning a portion of the security deposit for Colorado Statute 38-12-103.
Because the landlord is only returning a portion of the security deposit the landlord should be explicit in the written explanation. Since the there is also a time deadline to explain the reasoning and return the funds, the landlord may want to take advantage of a US mail service that will document the receipt of the information.
My concern is that if the notes section is small, the space may not be be large enough to hold all the required documentation.
Some states also require that the security deposit be returned with interest. This would mean that the calculation would need to be in the explanation.
Any expense the landlord has in returning the security deposit can be included in their expenses documented on their tax forms.
If you are the renter, and you have questions about the details, contact the landlord/owner.