State Rate Released The IDFPR has issued a news release indicating the new security deposit interest rate for 2016 for those tenancies governed by the Illinois Security Deposit Interest Act. The rate technically goes up from last year’s rate. The IDFPR release reads as follows: The Illinois Department of Financial and Professional Regulation, Division of … Read more
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 the law, the security deposit interest rate to be paid on security deposits for 2014 is:
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, 2014 to December 31, 2014. This rate changes annually and dictates the interest to be paid to tenants under Section 5-12-080 of the CRLTO.
The rate for 2014 is:
Calculating the interest due a tenant on a security deposit held by a landlord pursuant to a tenancy governed by the Chicago Residential Landlord Tenant Ordinance should be simple enough, right? It should be, however, because of the “high stakes” involved in the case of an incorrect calculation, landlords need to make sure the calculation is done right.
So, without much further ado, here is an example of how to calculate the interest payable to a tenant with a security deposit on a one year lease subject to CRLTO section 5-12-080(c).
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 the city and having the largest total asset value which sets the interest rate for landlords to charge under Section 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance.
The rate for 2013 is
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 to charge under the Illinois Security Deposit Interest Act.
The rate for 2013 is
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 a rental agreement (oral or written) is initially offered pr renewed to a tenant or … Read more
The Illinois Department of Financial and Professional Regulation, Division of Banking, has announced the security deposit interest rate to be used for 2012 under the Illinois Security Deposit Interest Act is 0.005%.
As most readers of this blog know, the CRLTO requires that the Comptroller of the City of Chicago set the rate of interest for security deposits annually. The new interest rate on security deposits under CRLTO governed rental agreements for the period from January 1, 2012 through December 31, 2012 is 0.057 percent.