May a landlord avoid the treble damages by accounting for the security deposit within seven days of the tenant’s notice to sue?

A Colorado statute required a landlord either to return a security deposit or provide an accounting of why money was being withheld. The landlord had to do this within one month of the tenant’s surrender of the property, or up to 60 days if the lease permitted. If the landlord failed to refund the money, the tenant, after giving seven days’ notice, could sue for treble damages. The landlord could avoid the treble damages by refunding the deposit within those seven days.
Marc Mishkin leased an apartment from Dean Young, paying a security deposit of $1,625. The lease stated that the deposit would be returned no later than 45 days after the tenant moved out. After Mishkin left, Young did not return the money. Forty-eight days after leaving, Mishkin sent a demand for the deposit, notifying Young that in seven days, he would sue for treble damages. Six days later, Young gave Mishkin a statement detailing $1,574.60 worth of property damage along with a check for $50.40.
Mishkin sued. The trial court ruled that Young was entitled to withhold the money because of the damages. Mishkin appealed. The appellate court ruled that the Colorado statute required the landlord to return the full security deposit within the seven-day period. Young appealed.