UPDATE: Shortly after publication of this article, the Interest Rate Summary was made available by the City of Chicago and it can be found here. The point about the City’s tardy delivery remains valid.
Why does this happen every year? It is now January 4, 2022 and we still do not have a bilingual interest rate summary from the City of Chicago as required by Section 5-12-170 of the Chicago Residential Landlord Tenant Ordinance. Why?
Just today, January 3, 2022, the IDFPR has issued a press release indicating the new Security Deposit Interest Rate for 2022 for those tenancies governed by the Illinois Security Deposit Interest Act. The new rate for 2022 is
Happy New Year to Chicago Landlords still holding security deposits! If you’ve been in this game long enough, you probably could have guessed this year’s interest rate, but, for the sake of form, here it is right from the City of Chicago:
A New Year’s Miracle! For the first time in at least a decade, the City of Chicago has released the security deposit interest rate and interest rate summary EARLY. Chicago landlords governed by the residential landlord tenant ordinance (RLTO) will not be surprised to learn that this year’s interest rate for the seventh straight year … Read more
Compliance with 5-12-170 of the CRLTOOn 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.
2019 CRLTO Interest Rate SummaryThe 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
Well, better late than never, the Illinois Department of Financial and Professional Regulation, Division of Banking today (1/8/18) released the new interest rate for security deposits governed by the Illinois Security Deposit Interest Act. That rate is
The more things change… The City of Chicago holds the interest rate steady for a fourth year at .01%. If any Chicago landlords governed by the CRLTO are still taking security deposits, this is the rate of interest that must be paid. Don’t forget to attach the security deposit interest rate disclosure to the rental … Read more
2017 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 … Read more
2017 Rate of Interest on Security Deposits released by Chicago Building Department!It took a few days, but the 2017 Chicago RLTO interest rate summary is now available. Remember, the interest rate for leases governed by the CRLTO entered into in 2017 is .01%. This summary – the WHOLE THING – needs to be attached to any new or renewal lease pursuant to 5-12-170 of the ordinance. For leases entered into in 2017, do NOT use the 2016 form!