Interest Rate

2016 Illinois Security Deposit Interest Rate Released

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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

Update on 2016 Illinois security deposit interest rate & more

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hotlineA few quick updates: First, the Illinois Department of Financial and Professional Regulation has not yet posted the 2016 Security Deposit Interest Rate for tenancies governed by the Illinois Security Deposit Return Act on their website (update: the rate has been released).  I’ve scoured the website and can’t find it.  This is the first time in many years that the information was not readily available in the first few days of the new year.  I called the IDFPR hotline and spoke to someone in the banking department who had “never heard of” what I was asking but gave me an email address of someone who might.  More updates on this as I have them.

Next, I am pleased to note

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2016 Security Deposit Interest rate for Chicago

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2016sdiCity of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchanged

The City of Chicago has released the new interest rate for 2016.  That rate, for security deposits under rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance, is unchanged from 2015 and will be set 0.01%.  

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2015 Chicago Security Deposit Interest Rate

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2015rateCity of Chicago sets security deposit interest rate for 2015

Well, it’s that time of year when the City of Chicago sets its annual interest rate for security deposits.  For those residential rentals covered by the Chicago Residential Landlord Tenant Ordinance, Section 5-12-080 requires landlords to pay interest on security deposits.  The interest rate is adjusted annually.  This year, the rate is

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Chicago releases 2014 Security Deposit Interest Rate Summary

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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 to security deposits, including the interest rate as well as the rate for each of … Read more

2014 City of Chicago CRLTO Security Deposit Interest Rate set!

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2014rateWell, 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:

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2013 City of Chicago CRLTO Secuirty Deposit Interest Rate set

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2013 Chicago Interest Rate on Security DepositsThe 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

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State of Illinois sets 2013 security deposit interest rate

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2013 Illinois security deposit interest rateThe 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

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2012 CRLTO Interest Rate Summary Released

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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