Chicago releases 2014 Security Deposit Interest Rate Summary

formsChicago issues CRLTO Summary for 2014 Interest Rate

Section 5-12-170 of the Chicago Residential Landlord and Tenant Ordinance requires a separate summary (in addition to the ordinance summary) “…describing the rights, obligations, and remedies of landlords and tenants with respect to security deposits, including the interest rate as well as the rate for each of the prior two years…” The summary must be attached to each written renal agreement when initially offered to any tenant or prospective tenant for all new rental and renewal leases.  (Where there is an oral lease, the landlord still needs to comply).

Now that we are a few days into 2014, the Department of Housing has now released the separate security deposit interest rate summary form for 2014.

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