Update on 2016 Illinois security deposit interest rate & more

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 that the Chicago Association of Realtors have released their 2016 Chicago Residential Lease.  This lease continues to get better and better.  This year’s version features fewer changes (because much of the heavy lifting has been done in prior incarnations) but does include a number of usability and terminology improvements.  Remember, no “form” lease is perfect.  Always have that lease reviewed by an attorney!

Finally, the City of Chicago has not yet released their up-to-date interest rate summary.  The one currently linked on the City of Chicago website actually links to the 2013 summary.  DON’T USE THAT!

rentrightscreenA proper summary to be in compliance with CRLTO provision 5-12-170 MUST be “attached to each written renal agreement when any such agreement is initially offered to any tenant or prospective tenant” or upon any renewal and a copy must also be given for any oral lease.


About Richard Magnone

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