Category Archives: Illinois

2015 State of Illinois Security Deposit Interest Rate released

Illinois 2015 Security Deposit Interest Rate Announced The  Illinois Department of Finance and Professional Regulation Division of Banking has finally announced today the interest rate affecting the interest to be paid to tenants on security deposits subject to the Illinois … Continue reading

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Is the “Application Fee” in Danger?

Proposed Illinois law to regulate rental application fees Everyone knows the importance of tenant screening.  In order to offset the cost of screening “the right way”, many landlords collect application fees.  Now, Illinois lawmakers are getting ready to regulate these … Continue reading

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Medical Marijuana and the Illinois Landlord and Tenant

New Illinois pot law could get landlords in the soup! On January 1, 2014, the “Illinois Compassionate Use of Medical Cannabis Pilot Program Act” took effect making Illinois the twentieth state in the union to permit some form of lawful … Continue reading

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2014 State of Illinois Security Deposit Interest Rate set

The new 2014 security deposit interest rate for those leases and tenancies governed by the Illinois Security Deposit Interest Act has been released by the Illinois Department of Financial and Professional Regulation Banking Division.   For Illinois leases governed by … Continue reading

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Landlords beware: assessor can now crack down on wrongful property tax exemptions

The Illinois Legislature has passed an amendment, effective immediately, to the Illinois Property Tax Code adding a new section to the law at 35 ILCS 200/9-275.  The law, which has been long opposed by Illinois landlords, allows the county assessor … Continue reading

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How long will it be until Chicago landlords mimic San Francisco’s landlords?

In addition to handling landlord-tenant legal issues for our clients, our firm also handles real estate closings.  One interesting trend I have taken notice of recently is the number of my landlord clients who have decided to quit.  That’s right, … Continue reading

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Move-out inspections in Illinois and bad faith

“Moving Week” ends today with a final installment about move-out.  If you have ever seen me at a speaking engagement on landlord-tenant law, you have probably heard me opine about what I think is a great way to manage risk … Continue reading

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State of Illinois sets 2013 security deposit interest rate

The Banking Division of the Illinois Department of Financial and Professional Regulation has issued its statement of the interest rate paid by the largest commercial bank with its main banking premises in Illinois which sets the interest rate for landlords … Continue reading

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Is there rent control in Chicago?

Many landlords ask me if there is a limit on how much rent they can demand for their rental units or or if there is any limitation on rent increases when a lease is renewed.  Luckily for those landlords, there … Continue reading

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Illinois Security Deposit Return Act amendment awaits Gov’s signature

UPDATE: The law was signed 8/17/12 and goes into effect on 1/1/13 The Illinois House of Representatives and Senate have voted to approve an amendment to the Illinois Security Deposit Return Act.  The law, currently awaiting the Governor’s signature to … Continue reading

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