Finally – 2023 Chicago Security Deposit Interest Rate Summary Released

The Department of Buildings has finally released their security deposit interest rate summary (click here for link to direct download) for 2023 for leases governed by the Chicago Residential Landlord and Tenant Ordinance on their rental web page for security deposits (Click here for link to security deposit page with link to direct download).

The people at the Department of Housing may feel pressed to make this information available sooner.  But, there is one clear way to correct this problem in the future and it is not without precedent.

Back in the summer of 2013, the City Council passed an amendment to the Chicago RLTO adding section 5-12-101 to the ordinance a concerning bedbugs.   It was not until March 17, 2016 that the City released an updated Ordinance Summary that needed to be attached to its leases.  What about the leases signed before that date?  The City made clear on its website that “The City does not regard RLT Ordinance Summaries attached or otherwise provided by landlords prior to June 1, 2016 that do not include this new reference, as violating Section 5-12-170 solely as a result of that omission.”

Why can’t this be done for the Interest Rate Summary?  The City could simply confirm that any lease using the prior year’s interest rate summary executed prior to the release of the new year’s summary is not in violation of the ordinance disclosure requirements?  Simple.  Landlords – talk to your alderman.  This can be done logically and does not need to result in problems for landlords every January.

Here’s a sample of what that summary looks like as released today.  Remember to include the ENTIRE two page disclosure even if your lease is not in Spanish.

About Richard Magnone

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