Chicago Residential Landlord and Tenant Ordinance - RLTO

       

         CHICAGO RLTO CASES

 

       

 
 

Security Deposit Law

 

          

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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

2014 Rate

2013 Rate

2012 Rate 

2011 Rate 

2010 Rate 

2009 Rate 

2008 Rate 

2007 Rate 

2006 Rate 

2005 Rate 

2004 Rate 

2003 Rate 

2002 Rate 

2001 Rate 

2000 Rate 

1999  Rate 

1998  Rate 

1997  Rate 

 

For 12-month rental periods

begun in 1996 and earlier

               _________________________

  Is your landlord's return of your security deposit really such a safe credit risk that you only deserve an interest rate under a quarter percent?  Is anyone else trusting them with money at that low rate? Your risk of principal loss is tremendous, especially in light of all the insolvent landlords in Chicago.  Be careful who you trust with your security deposit. 

99.999% Pure Silver

0.013%

0.023%

0.057%

0.073%

0.073%

0.12%

1.26%

1.68%

1.71%

1.01%

0.42%

0.52%

0.83%

3.10%

2.71%

2.63%

3.38%

3.42%

 

5.00%

                    

     These rates apply only to rental housing covered by the RLTO in Chicago.  Other housing in Chicago and Illinois is subject to different interest rates, but only if the property is covered by the Illinois Security Deposit Interest Act.  The rates set forth here are calculated according to the following formula, which is set forth in Chicago's RLTO 081:

  "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."
 

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