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”.
2017 Rate of Interest on Security Deposits released by Chicago Building Department!It took a few days, but the 2017 Chicago RLTO interest rate summary is now available. Remember, the interest rate for leases governed by the CRLTO entered into in 2017 is .01%. This summary – the WHOLE THING – needs to be attached to any new or renewal lease pursuant to 5-12-170 of the ordinance. For leases entered into in 2017, do NOT use the 2016 form!
A 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
City of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchangedThe 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%.
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
City of Chicago sets security deposit interest rate for 2015Well, 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