Author Archives: Richard Magnone

Keep Chicago Renting Ordinance passing muster

Post-Foreclosure Landlords Beware The relatively new Keep Chicago Renting Ordinance (KCRO) was the subject of an appellate case, Wells Fargo Bank v. Volneat Vanette McCondichie, released on March 31, 2017.  Readers will recall that the ordinance requires the first party … Continue reading

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Chicago Title Seminar this Morning 4-3-17

I had a great time this morning, as always, presenting to fellow attorneys for Chicago Title Insurance Company at their training in Rolling Meadows with respect to updates in landlord tenant law.

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Look out landlords, rent control may be coming

Rent control bill introduced Chicago-based state legislator Will Guzzardi (39th District – D) has introduced House Bill 2430 which seeks to repeal the Illinois Rent Control Preemption Act.  That law, discussed in a previous blog entry, was passed in 1997 … Continue reading

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State of Illinois finally announces their 2017 security deposit interest rate

2017 Illinois rate announced by IDFPR Well, it took them about two weeks into the new year, but the State of Illinois has released the 2017 security deposit interest rate for those leases governed by the Illinois Security Deposit Interest … Continue reading

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Should I evict? Naah, the lease is almost over!

Why most Illinois landlords are wrong about their bad tenants! Many landlords waver at the decision to evict.  That’s natural.  To most landlords, evictions are scary.  Worse yet, Illinois evictions are expensive, uncertain, and take lots of time.  Luckily, the … Continue reading

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Is there an ordinance or law requiring renter’s insurance in Chicago or in Illinois?

Quick hit: mandatory renter’s insurance requirements? No.  At this time, there is no ordinance in the City of Chicago that requires that a tenant obtain renter’s insurance.  In fact, there is no statute in the State of Illinois that requires … Continue reading

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2017 CRLTO Chicago Interest Rate Summary Available

2017 Rate of Interest on Security Deposits released by Chicago Building Department! It took a few days, but the 2017 Chicago RLTO interest rate summary is now available.  Remember, the interest rate for leases governed by the CRLTO entered into … Continue reading

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New recycling ordinance requires another summary from Chicago landlords

New Chicago Recycling Ordinance requires recycling flyer Last summer, the City of Chicago updated the Chicago Recycling Ordinance.  That new law went into effect on January 1, 2017.  The new ordinance has a direct effect on certain Chicago landlords.  This … Continue reading

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New lead law affecting Illinois landlords kicks off 2017

Amendments to Lead Poisoning Prevention Act regarding lead mitigation effective January 1, 2017 Back in August, 2016, the State passed amendments to the Illinois Lead Poisoning Prevention Act that affect landlords.  Many landlords are aware of the federal law that … Continue reading

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2017 Chicago Security Deposit Interest rate released!

City of Chicago retains same interest rate to be paid on Security Deposits under RLTO for third year in a row On Friday, the City of Chicago released the new 2017 security deposit interest rate.  The rate is the for … Continue reading

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