2019 Chicago Security Deposit Interest Summary Available

2019 CRLTO Interest Rate Summary

The City of Chicago has finally released the separate interest rate summary for Chicago RLTO governed leases for 2019.  Remember, Chicago landlords governed by the Chicago Residential Landlord and Tenant Ordinance are required by Section 5-12-170 of the RLTO to attach “a copy of such summary… to each written rental agreement when any such agreement is initially offered to any tenant or prospective tenant by or on behalf of a landlord and whether such agreement is for a new rental or a renewal thereof.” The summary shall also be provided to tenants under an oral tenancy.  Be sure to note that the summary must be provided whether or not the landlord actually takes a security deposit and that smart landlords will provide the entire bilingual summary (in both English and Spanish) regardless of what language the lease is drafted in.

About Richard Magnone

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