City of Chicago retains same interest rate to be paid on Security Deposits under RLTO for third year in a rowOn Friday, the City of Chicago released the new 2017 security deposit interest rate. The rate is the for security deposits held for leases governed by the Chicago Residential Landlord and Tenant Ordinance (RLTO). The rate has remained steady at 0.01% since 2015.
New Receipt Form issued by CAR for DepositsAs readers of my blog should be well aware, I do not advocate the use of security deposits in those rentals governed by the Chicago Residential Landlord Tenant Ordinance. While many landlords and landlord advocates agree with me, there are still some landlords who insist on taking a deposit. The Chicago Association of Realtors (CAR) has just released a new form that hopes to ease the burden on landlords providing a security deposit receipt.
State Rate Released The IDFPR has issued a news release indicating the new security deposit interest rate for 2016 for those tenancies governed by the Illinois Security Deposit Interest Act. The rate technically goes up from last year’s rate. The IDFPR release reads as follows: The Illinois Department of Financial and Professional Regulation, Division of … Read more
A few quick updates: First, the Illinois Department of Financial and Professional Regulation has not yet posted the 2016 Security Deposit Interest Rate for tenancies governed by the Illinois Security Deposit Return Act on their website (update: the rate has been released). I’ve scoured the website and can’t find it. This is the first time in many years that the information was not readily available in the first few days of the new year. I called the IDFPR hotline and spoke to someone in the banking department who had “never heard of” what I was asking but gave me an email address of someone who might. More updates on this as I have them.
Next, I am pleased to note
City of Chicago interest rate to be paid on Security Deposits under CRLTO remains unchangedThe City of Chicago has released the new interest rate for 2016. That rate, for security deposits under rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance, is unchanged from 2015 and will be set 0.01%.
City of Chicago sets security deposit interest rate for 2015Well, it’s that time of year when the City of Chicago sets its annual interest rate for security deposits. For those residential rentals covered by the Chicago Residential Landlord Tenant Ordinance, Section 5-12-080 requires landlords to pay interest on security deposits. The interest rate is adjusted annually. This year, the rate is
Landlords win case over move-in fee in lieu of security depositFor a number of years, landlords in the City of Chicago have sought to avoid the undue burdens and unreasonable potential liability resulting from the Chicago Residential Landlord Tenant Ordinance’s requirements related to security deposits by collecting all kinds of “non-refundable fees”. Some landlord collect a “non-refundable processing fee”, administrative fee, additional rent, or a “non-refundable move-in fee”. Tenants rights attorneys and advocates have long shouted “no fair!” at landlords engaging in such practices. One advocate I know said “this is just the way landlords are trying to avoid liability for security deposit violations!” Duh!
Local Realtor group recommends Chicago landlords avoid taking a deposit!The Chicago Association of Realtors just released the 2013 revised version of their Chicago Apartment Lease. Interestingly, one traditional item is missing from that residential lease. The Chicago Tribune reported earlier this week (the story is behind a paywall so I have not bothered to link it) that the realtor organization has taken a formal position against the practice of collecting a security deposit from residential tenants with leases governed by the Chicago Residential Landlord Tenant Ordinance!
Chicago issues CRLTO Summary for 2014 Interest Rate Section 5-12-170 of the Chicago Residential Landlord and Tenant Ordinance requires a separate summary (in addition to the ordinance summary) “…describing the rights, obligations, and remedies of landlords and tenants with respect to security deposits, including the interest rate as well as the rate for each of … Read more
Well, here’s an early New Year’s present! Erin Keane, acting Comptroller of the City of Chicago has released the new rate of interest on security deposits governed by the Chicago Residential Landlord Tenant Ordinance for the period from January 1, 2014 to December 31, 2014. This rate changes annually and dictates the interest to be paid to tenants under Section 5-12-080 of the CRLTO.
The rate for 2014 is: