Category Archives: Security Deposit

Chicago releases 2014 Security Deposit Interest Rate Summary

Chicago 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 … Continue reading

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2014 City of Chicago CRLTO Security Deposit Interest Rate set!

Well, here’s an early New Year’s present!  Erin Keane, acting Comptroller of the City of Chicago has released the new rate of interest on security deposits governed by the Chicago Residential Landlord Tenant Ordinance for the period from January 1, … Continue reading

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2013 City of Chicago CRLTO Secuirty Deposit Interest Rate set

The Comptroller of the City of Chicago has issued its statement of the interest rate paid on passbook savings accounts, insured money market accounts and six month certificates of deposit at the commercial bank having its main branch located in … 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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Unciteable CRLTO cases

Every now and then, we come across “uncitable” orders filed pursuant to Illinois Supreme Court Rule 23(e), that deal with fundamental Chicago Residential Landlord Tenant Ordinance (RLTO) security deposit issues.  These are strange birds.  They are “out there” in the … Continue reading

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Why does CRLTO compliance matter for landlords?

I know.  Really, I know.  You hate the ordinance.  I hate it too.  I think it is poorly written, contains lots of ambiguities, and is certainly draconian.  The law leaves much room for improvement, however, landlords themselves have brought some … Continue reading

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Bad apple spoils the bunch as godfather of CRLTO cases pleads guilty to fraud charges

Lawrence v. Regent Realty Group, Inc. et. al. (197 Ill. 2d 1, 9-10 (2001)) is the grand poo bah of Chicago Residential Landlord Tenant Ordinance lawsuits.  Sure, there were others that came before it, but Lawrence opened the floodgates to … Continue reading

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No money? No Keys!

Meet Bill.  He’s owned a condo in the West Loop for six years.  Two years ago, Bill got married.  He and his wife just closed on a new home in Wheaton.  Bill never intended to own his condo this long, … Continue reading

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Chicago landlords must identify security deposit bank

I have often told landlord clients that the Chicago Residential Landlord Tenant Ordinance is simple in pieces and complex as a whole.  There is no one provision of the ordinance that is unduly difficult to comply with.  However, the law … Continue reading

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2012 CRLTO Interest Rate Summary Released

This City of Chicago has made available the 2012 CRLTO security deposit interest rate summary.  The summary can be found here.  This is ONE of the TWO summaries that must be provided to tenants pursuant to CRLTO Section 5-12-170 when … Continue reading

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