Urbana Illinois Security Deposit Rules: Apartment Tenants' Rights Attorney Mark Silverman

Urbana Security Deposit Interest Rates

As explained in the Urbana Code of Ordinances excerpt to the right, the Urbana security deposit interest rate to be paid on Illinois security deposits changes every year based on rates paid by the largest commercial bank in Champaign County.

Below are the announced interest rates for Urbana leases that began AFTER June 30 of each of the following years:

2007:

2006:

2005:

2004:

2003:

0.50%

0.25%

0.50%

For example, a security deposit held for a lease that ran between August 15, 2003 and August 14, 2004 should have earned 0.50% interest payable within 30 days of the end of the lease... on or before before September 14, 2004.

Remember, the interest must be paid at the end of every single year. A security deposit held from August 15, 2003 until August 14, 2005 (for two years) should have earned 0.50% interest payable within 30 days of the end of the FIRST one-year tenancy (on or before before September 14, 2004), and another 0.25% in interest payable within 30 days of the end of the SECOND one-year tenancy, on or before September 14, 2005. The interest must be paid at the end of every single year.

Also remember that in Urbana interest is calculated from the date you paid the deposit, for the entire time it was held. So if you paid your deposit two months before you moved in and your lease began, you are owed an additional two months worth of interest after your that year of tenancy. The difference is probably just a few cents, but if your landlord willfully failed to pay the full amount due, they might owe you money.

BACK

Selection from the Urbana Code of Ordinances

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Sec. 12.5-19. Same--Security deposit interest.

...shall pay interest to the tenant, computed from the date the deposit is paid, at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in Champaign County, Illinois, on minimum deposit passbook savings accounts as of the thirtieth of June immediately preceding the inception of the rental agreement on any such deposit held by the landlord for more than six (6) months.

ATTENTION: Because the Urbana City Counsel may change, amend, or abolish the law without notice, the law provided here is not guaranteed to be an exact reproduction of the law at this time. The code provided here is for informational purposes only and should not be relied upon before taking any action. Please consult an attorney.

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