Better Late Than Never
Well, I guess January 6, 2020 is as good a day as any for the IDFPR to finally announce the Security Deposit Interest rate for security deposits governed by the Illinois Security Deposit Interest Act. That law applies to lessors “of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property”. Like last year, the announcement was basically the same:
The Illinois Department of Financial and Professional Regulation, Division of Banking announced today that the interest rate paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2019 was 0.005% with an Annual Percentage Yield (APY) of 0.01%.
Landlords outside of Chicago who are governed by this rate need to be aware of it. Are you a landlord with questions about security deposits or how to pay interest to your tenants? If so, contact us and we might be a match to help you.