|
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.
|
|
|
|
