Finally – 2023 Chicago Security Deposit Interest Rate Summary Released

Posted on January 5, 2023 by Richard Magnone

The Department of Buildings has finally released their security deposit interest rate summary (click here for link to direct download) for 2023 for leases governed by the Chicago Residential Landlord and Tenant Ordinance on their rental web page for security deposits (Click here for link to security deposit page with link to direct download).

The people at the Department of Housing may feel pressed to make this information available sooner. But, there is one clear way to correct this problem in the future and it is not without precedent. Continue reading →

Chicago RLTO 2023 Interest Rate just released but there’s a catch

Posted on January 4, 2023 by Richard Magnone

The City of Chicago has updated their security deposit web page to announce the “new” interest rate for Chicago RLTO governed leases. There’s good news and bad news. The good news is that the 2023 security deposit interest rate is Continue reading →

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2023 State of Illinois Interest Rate is released

Posted on January 4, 2023 by Richard Magnone

Late yesterday, January 3, 2023, the State of Illinois Department of Financial and Professional Regulation released its interest rates applicable to the Illinois Security Deposit Interest Act. Continue reading →

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An important announcement – High Court Proposes New Forms

Posted on November 17, 2022 by Richard Magnone

Answers, Counterclaims, and Defenses

As my readers know from my posting infrequency over the last few months, things are super busy in our landlord-tenant practice. However, this morning, a fellow attorney alerted me to an issue that I want to take time out to share. The Supreme Court Commission on Access to Justice has promulgated a set of new Answer, Defenses, and Counterclaim forms for tenants’ use in eviction cases. The forms can be found here on the Illinois Courts webpage. Continue reading →

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What is old is new as HB 2775 is signed into law by Illinois Governor

Posted on May 24, 2022 by Richard Magnone

Section 8 protections expanded

House Bill 2775 was signed into law on May 23, 2022. The law, introduced by Representative La Shawn K. Ford, amends the Illinois Human Rights Act by prohibiting source of income discrimination in real estate transaction under the State’s fair housing laws. This change brings the entire State of Illinois into line with Chicago and Cook County on the issue of participation in the Section 8 housing voucher program which will no longer be voluntary. It also opens up a number of questions with regard to whether a landlord must participate in emergency rental assistance programs. The new law goes into effect January 1, 2023.

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The Current State of Evictions in Cook County

Posted on February 8, 2022 by Richard Magnone

Can we evict?

I get the phonecalls from landlords every day. “I hear we can evict tenants again – is that true?” Hmm… that’s a simple question that requires a nuanced answer. It is true that on October 4, 2021, the eviction moratorium was lifted, but what replaced it is a system that pre-covid landlords (and their attorneys) might not recognize. A system that was flawed could arguably be said to be purposefully broken. We couldn’t evict (except in rare circumstances) before the moratorium ended. Now, with the moratorium lifted, we face a system that seems almost designed to slow the process and is already in need of significant reform. Here’s a “state of the union” for evictions in Cook County’s 1st district: Continue reading →

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Where is the bilingual 2022 security deposit interest rate summary?

Posted on January 4, 2022 by Richard Magnone

UPDATE: Shortly after publication of this article, the Interest Rate Summary was made available by the City of Chicago and it can be found here. The point about the City’s tardy delivery remains valid.

Why does this happen every year? It is now January 4, 2022 and we still do not have a bilingual interest rate summary from the City of Chicago as required by Section 5-12-170 of the Chicago Residential Landlord Tenant Ordinance. Why? Continue reading →

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2022 State of Illinois Security Deposit Interest Rate Announced

Posted on January 3, 2022 by Richard Magnone

Just today, January 3, 2022, the IDFPR has issued a press release indicating the new Security Deposit Interest Rate for 2022 for those tenancies governed by the Illinois Security Deposit Interest Act. The new rate for 2022 is Continue reading →

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2022 City of Chicago Security Deposit Interest Rate Set!

Posted on January 2, 2022 by Richard Magnone

Happy New Year to Chicago Landlords still holding security deposits! If you’ve been in this game long enough, you probably could have guessed this year’s interest rate, but, for the sake of form, here it is right from the City of Chicago: Continue reading →

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COVID 19 Eviction Protection Ordinance Set to Expire

Posted on December 3, 2021 by Richard Magnone

Ordinance Protection Expired?

Will it happen? Has it happened? Will it stick? Who knows? I would not put it past the powers that be. What am I talking about? The Chicago Covid 19 eviction protection ordinance is set to expire by its own terms. Could the Governor do something this weekend to somehow extend the executive order providing eviction protections? Probably not. The protections in that last order were extended on August 20, 2021 and expired October 3, 2021. The Chicago COVID 19 Eviction Protection Ordinance extended its provisions for 60 days beyond that date. Continue reading →

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