State of Illinois sets 2013 security deposit interest rate

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 isthe same as last year and remains at .005%.

The Security Deposit Interest Act applies to landlords 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.  Here are the “historical rates” over the last twenty years.


About Richard Magnone

Co-founding member of Reda | Ciprian | Magnone, LLC, attorney at law and Illinois licensed lawyer since 1996.
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