 Interest on Security Dep (by Eva [IL]) Jun 9, 2014 12:27 PM
 Interest on Security Dep (by Vee [OH]) Jun 9, 2014 1:58 PM
Interest on Security Dep (by Kyle [IN]) Jun 9, 2014 2:31 PM
Interest on Security Dep (by Blue [IL]) Jun 10, 2014 1:21 PM
Interest on Security Dep (by Eva [IL]) Posted on: Jun 9, 2014 12:27 PM
Message:
State Specific Question About: ILLINOIS (IL)
I own one unit in a high rise in Chicago. I'm reading conflicting ordinances on whether I pay interest on the security deposit or not. Illinois Security Deposit Interest Act says "lessor of residential real property containing 25 or more units in a single building..." Do I pay interest or not? --38.104.xx.xxx |
Interest on Security Dep (by Vee [OH]) Posted on: Jun 9, 2014 1:58 PM
Message:
It looks like if you have 25 units you pay interest, here that interest in specified locally - one place is 5 percent. When I ask for double the rent as deposit I remind them it is better than money in the bank and over there it is. --75.94.xxx.xxx |
Interest on Security Dep (by Kyle [IN]) Posted on: Jun 9, 2014 2:31 PM
Message:
"Sec. 1. A lessor of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property, who receives a security deposit from a lessee to secure the payment of rent or compensation for damage to property shall pay interest to the lessee computed from the date of the deposit at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this State on minimum deposit passbook savings accounts as of December 31 of the calendar year immediately preceding the inception of the rental agreement on any deposit held by the lessor for more than 6 months."
I think the intent of the law is that the interest requirement only applies to a lessor of 25 units at one location, not to a lessor of 1 unit in a building of 25+ units. Check with your attorney to be sure, or just pay the interest, to be safe if you are unsure. --68.46.xxx.xxx |
Interest on Security Dep (by Blue [IL]) Posted on: Jun 10, 2014 1:21 PM
Message:
Make sure you are following CHICAGO specific laws. (I'm downstate, our rules are different.)
Perhaps look at a Chicago tenants' site. --75.132.xxx.xx |
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