Chicago Residential Landlord and Tenant Ordinance - RLTO

       

        SEE CHICAGO RLTO CASES

 

     

 
 

Security Deposit Law

 

          

    Chicago renters of town-homes, apartments, condos, and single-family homes may email attorney Silverman for a free initial review of their Chicago rental situation and rights.

 

 

SEE EXAMPLES OF CASES

 

 

 

 

SECTION

 

5-12-010
5-12-020
5-12-030
5-12-040
5-12-050
5-12-060
5-12-070
5-12-080
5-12-081
5-12-082
5-12-090

5-12-095
5-12-100
5-12-110
5-12-120
5-12-130
5-12-140
5-12-150
5-12-160
5-12-170
5-12-180
5-12-190
5-12-200

 

   RATES

 TITLE

 

Title, Purpose and scope
Exclusions
Definitions
Tenant Responsibilities
Landlord's Right of Access
Remedies for Improper Denial of Access
Landlord's Responsibility to Maintain
Security Deposits
Interest Rate on Security Deposits
Interest Rate Notification
Identification of Owner and Agents

Tenants' Notification of Foreclosure Action
Notice of Conditions Affecting Habitability
Tenant Remedies
Subleases
Landlord Remedies
Rental Agreement
Prohibition on Retaliatory Conduct by Landlord
Prohibition on Interruption of Tenant Occupancy
Summary of Ordinance Attached to Rental Agreement
Attorney's Fees
Rights and Remedies Under Other Laws
Severability

 

Chicago's Security Deposit Interest Rates

5-12-081  Interest Rate on Security Deposits

During June of 1997 and thereafter during December of each year, the city comptroller shall review the status of banks within the city and interest rates on passbook savings accounts, insured money market accounts and six-month certificates of deposit at commercial banks located within the city. On the first business day of July of 1997, and thereafter on the first business day of each year, the city comptroller shall announce the rates of interest, as of the last business day of the prior month, on passbook savings accounts, insured money market accounts and six-month certificates of deposit at the commercial bank having its main branch located in the city and having the largest total asset value. The rates for money market account shall be based on the minimum deposits for such investments. The rates for certificates of deposit shall be based on a deposit of $1,000.00. The comptroller shall calculate and announce the average of the three rates. The average of these rates so announced by the city comptroller shall be the rate of interest on security deposits under rental agreements governed by this chapter and made or renewed after the most recent announcement.

 

 

At what rate must the interest be paid on Chicago security deposits?

 

This Section gives us the formula that, fortunately, someone else (the Chicago Comptroller) works out each year.  Then they announce the rate.  It is important that landlords figure out which laws, if any, require them to pay interest, and at what rate.  For example, a building in Chicago with more than 25 units might have to pay interest at the Illinois state rate, which may at times be higher than the also-applicable Chicago RLTO.  Get a calculator.

   
 

 
 

Residential Landlord and Tenant Ordinance