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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 |
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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