On January 8, 2021, the Illinois Department of Financial and Professional Regulation released its security deposit interest rate for security deposits governed by the Illinois Security Deposit Interest Act (765 ILCS 715). The rate for 2021 is .01%.
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”.
Blinded by the LawIllinois State Senator Patricia Van Pelt, a Democrat representing Chicago’s in the 5th District, has proposed SB0077 which is a new attempt to pass legislation to seal eviction records. This concept has popped up in the past and hasn’t gone anywhere, but, as demonstrated by the current fight over rent control, the more progressive members of the legislature have targeted landlords and we seem to be in the middle of an all out effort to overpower landlords in Illinois.
Anti-Landlord Measure back on the tableIt’s back. On February 7, 2019, 31st district state Representative Mary Flowers introduced House Bill 2192 establishing the the Illinois Rent Control Act to the state legislature. I have not yet made an exhaustive review of the legislative text, but it looks shockingly similar to the second version of the bill introduced to the State Senate last summer. It’s not good and
State Rate ReleasedThe folks at the Illinois IDFPR have finally issued a press release indicating the 2019 security deposit interest rate for leases of residential real property governed by the Illinois Security Deposit Interest Act which 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”.
Act Now to Avoid Rent ControlThe Chicago Association of Realtors has sent out a request that landlords join them in providing feedback to the Illinois Legislature this week on rent control. The Illinois Senate Special Committee on Housing is holding a rent control hearing this Thursday September 27, 2018 at 9 am in room C600 at the Michael A. Bilandic Building – 160 N. LaSalle St., Chicago, Illinois, related to efforts in the Illinois legislature regarding establishing a statewide rent control policy. The hearing is open to the public. You can also submit a written statement via witness slip at the Senate website by clicking here.
A day after CNN reported of the death of a New Yorker who had been paying $28 per month in rent as a result of a rent controlled property she rented from 1955 to 2018, reports come out of Springfield that the Illinois legislature seems to be stalling in attempts to overturn the Illinois’s Rent Control Preemption Act. The Real Deal, a Chicago real estate web news organization, indicates that legislation to repeal the law that protects Illinois landlord’s from municipalities seeking to impose rent control policies has stalled with only a few weeks left in the summer session.
Legislative Alert!On February 13, 2018, Representative Emanuel Chris Welch introduced House Bill 4760 that proposes to seal all eviction records for the first 30 days after a case is filed and at various other points in the eviction process. Since its introduction, nineteen state representatives have signed on as sponsors of the bill, many from the Chicagoland area. This would be a state statute and would apply throughout Illinois.
Well, better late than never, the Illinois Department of Financial and Professional Regulation, Division of Banking today (1/8/18) released the new interest rate for security deposits governed by the Illinois Security Deposit Interest Act. That rate is
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 Security Deposit Interest Act (765 ILCS 715). For the fourth year in a row, the … Read more