State of Illinois finally announces their 2017 security deposit interest rate

2017 security deposit interest rate Illinois2017 Illinois rate announced by IDFPR

Well, it took them about two weeks into the new year, but the State of Illinois has released the 2017 security deposit interest rate for those leases governed by the Illinois Security Deposit Interest Act.  The law applies to multi-unit residential properties containing 25 or more units for security deposits held for six months or more.  There is a change this year and the interest rate now matches the Chicago rate.  For 2016, the rate of interest to be paid for those leases is equal to .01%.  Here is a link to the historical rates.

About Richard Magnone

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