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
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:
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
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%.