Calculating security deposit interest payment on a one year lease per the CRLTO

calculating security deposit interestCalculating 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). 

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2013 Chicago Security Deposit Interest Rate Summary released for CRLTO covered properties

2013 security deposit interest rate summary CRLTOThe City of Chicago has released the new 2013 version of the separate security deposit interest rate summary required to be attached to leases covered by the Chicago Residential Landlord Tenant Ordinance executed in 2013.

This is the second of the two summaries required by Section 5-12-170 of the Chicago Residential Landlord Tenant Ordinance.

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