Interest Rates Affecting the Security Deposit Interest Act

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Interest Rates Affecting the Security Deposit Interest Act

Illinois Department of Financial and Professional Regulation Division of Banking JB PRITZKER DEBORAH HAGAN Governor Secretary CHASSE REHWINKEL Acting Director Division of Banking For Immediate Release: January 8, 2021 Interest Rates Affecting the Security Deposit Interest Act The Illinois Department of Financial and Professional Regulation, Division of Banking announced today that the interest rate paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2020 was 0.005% with an Annual Percentage Yield (APY) of 0.01%. The Security Deposit Interest Act (765 ILCS 715) requires that the lessor of residential real property, consisting of 25 or more units, pay interest to the lessee on any security deposit held for six months or more. Interest must be paid to the lessee in cash or in the form of credit towards rent within 30 days after the end of each 12 month rental period at a rate equal to the interest paid by the largest commercial bank in Illinois on minimum deposit passbook savings accounts as of December 31 of the calendar year preceding the inception of the rental agreement. This Act does not apply to deposits made with respect to public housing, nor to a lessee who is in default under the terms of the lease. For more information, please see the Security Deposit Interest Act. As of December 31, 2020, The Northern Trust Company, Chicago was the largest commercial bank with its main banking premises in Illinois. 320 West Washington Street, Springfield, Illinois 62786 www.facebook.com/ILDFPR www.idfpr.com http://twitter.com/#!/IDFPR .

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Does my landlord have the When does the landlord If your lease says the landlord can keep your deposit for other reasons, that part right to keep my deposit? have to return my deposit? of the lease may not be enforced. Maybe. A landlord can keep your The landlord must send you a letter security deposit only in certain situations. within 45 days of when your lease ends What if my landlord does There is a state law that explains when and you move out (unless your lease says not return my deposit or a and how you can get your deposit back. the landlord must send it in less than 45 list of damages within the days). The letter must either return your What should I do to get my deposit or give you a list of any deadline? deductions the landlord claims. The 45 security deposit back? days does not start to run until you If 45 days (or fewer stated in your lease) give the landlord a forwarding address have passed since you moved out and You should leave the home in good in writing. you gave your landlord a forwarding condition and give your landlord your address in writing, you can sue the forwarding address in writing. As soon as Can the landlord return landlord for the full amount of the you move out, send or give a letter to the deposit and reasonable attorney’s fees. landlord (by hand or certified mail, if only part of my deposit? You can file a lawsuit in the small claims possible).
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