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Are you a
tenant or a landlord with a
question about your security deposit? Contact us:
Reda | Ciprian | Magnone, LLC
8501 W. Higgins Suite 440
Chicago, Illinois 60631
773.399.1122
fax 773.399.1144
Quick Links
Security
Deposit Interest Rates
Chicago Residential
Landlord Tenant Ordinance
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se·cu·ri·ty de·pos·it
[ si-kyoor-i-tee di-poz-it ] - noun:
1. money a tenant deposits with a landlord as security for the tenant's
full and faithful performance of the lease terms.
Welcome!
We hope that this website will educate tenants and landlords about
their rights and duties regarding security deposits under Illinois and
various municipal laws, including Chicago, Evanston, Mt. Prospect and
other communities.
Check out our newest website: www.chicagoeviction.com where we blog regularly on landlord tenant law.
2015 Security
Deposit Interest Rates Announced
The State of Illinois and City of Chicago have announced the new
interest rates for 2015. Click
here to see the new rates.
ALERT: Amendment to 5-12-080 (7/30/10) The
City Council has passed an amendmnet to the CRLTO related to security
deposits to take effect within the next 60 days or so. Click here to see the text of the ordinance amendmnet. Effective 8/28/10.
Questions from the email Here are some of the more common questions and answers from our email. Click
here to take a look.
CRLTO Amended The Chicago City Counsel recently enacted new section 5-12-095 of the CRLT which requires landlord's notice to tenants of a foreclosure lawsuit.
Double the deposit?
In
many cases, landlords can be responsible to pay and tenants may be
entitled to receive a penalty in the amount of double the tenant's
security deposit (plus interest, court costs and attorneys fees).
Landlords should make great effort to avoid the steep
penalties
imposed by the law for security deposit violations and tenants should
make sure that their rights have not been violated.
Common
Mistakes
Many
landlords run afoul of laws dealing with security deposits by 1)
failing to provide a receipt for a security deposit; 2) failing to
timely pay interest on a security deposit; 3) failing to properly
segregate security deposit funds from the landlord's own funds; 4)
failing to provide a proper and timely statement of offsets from a
deposit; and 5) failure to timely return the deposit.
Depending
on the applicable law, landlords may be responsible for payment of the
deposit, interest, penalties, attorneys fees and court costs!
Where to Start
First, find
out what law applies to you tenancy. Possible governing laws
are
Illinois statutes,
local municipal ordinances
and the terms of your
lease, if any. Remember, some laws may not apply to your
situation.
For instance, certain properties in Chicago are excluded from
the
application fo the CRLTO.
In addition, certain court decisions will
also govern the application of the law to the factual terms of your
tenancy.
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Disclaimer:
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general information which is intended, but not promised or guaranteed,
to be correct, complete, or up-to-date. This Web site is not intended
to be a source of solicitation or legal advice nor should it be the
basis of legal-hiring decisions. The reader should not consider this
information to be an invitation for an attorney-client relationship,
should not rely on information provided herein, and should always seek
the advice of competent counsel. The owner of this website,
Reda | Ciprian | Magnone, LLC, is a law firm
licensed to practice only in Illinois. Furthermore, the owner of this
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upon viewing this website in a state where this website fails to comply
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materials. Reda | Ciprian | Magnone, LLC makes no
representations or
promises that it can obtain the same results as reported in cases on
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