Chicago RLTO 2023 Interest Rate just released but there’s a catch

The City of Chicago has updated their security deposit web page to announce the “new” interest rate for Chicago RLTO governed leases.  There’s good news and bad news.  The good news is that the 2023 security deposit interest rate is .01% again.  The bad news is that as of 12:45pm today, the two page interest rate summary required for landlords to attach to a 2023 lease still won’t download.  Here’s the problem in a nutshell:

When you click to get the disclosure, you get this:

This kind of thing needs to stop.  Form providers like the Chicago Association of Realtors cannot release their 2023 lease forms without the City interest rate summary. Landlords cannot prepare a lease without this document and it is already the 4th of January.  This should be available before the end of the day no later than January 1 every year.  Landlords, talk to your aldermen.

 

 

About Richard Magnone

Co-founding member of Reda | Ciprian | Magnone, LLC, attorney at law and Illinois licensed lawyer since 1996.
This entry was posted in interest. Bookmark the permalink.