Chicago releases separate interest rate summary

Compliance with 5-12-170 of the CRLTO

On December 31, 2019, the City of Chicago released the new interest rate for 2020 security deposits for those rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance but it was not until today that they released the separate summary that must be attached to a lease to be in compliance with 5-12-170 of the ordinance.  Landlords must remember that the ordinance requires that the actual summary for the proper year in both English and Spanish language MUST be attached to all new and renewal leases.  Even if the landlord does not take a security deposit, the summary must still be provided.  The 2020 summary on the City of Chicago website can be found here.

Landlords looking for help with Chicago lease drafting or with compliance with the myriad of rules and regulations governing the landlord-tenant relationship should contact us to see if we are a match for an engagement.