Legal Question in Landlord & Tenant Law in Illinois

Security Deposit - Interest Due?

I live in Arlington Heights, Cook County, IL, in a multi-unit rental apartment building (over 100 units.) I've read various stories about interest due on a security deposit. Can someone tell me - base on where I live and the number of units, am I entitled to interest on the security deposit? And, is it due annually if I continue to renew my lease for multiple years? And, if the Landlord has failed to pay interest each year, is there a penalty due as well?

Thank you for the help.


Asked on 7/06/07, 6:31 pm

1 Answer from Attorneys
Peter Olson The Olson Law Firm, LLC

Re: Security Deposit - Interest Due?

Take a look at your community ordinances...that would be the only source from which an interest requirement would come from. We work heavily with landlords and as far as I know Chicago is the only city that requires it. It's city by city...nothing required under state law.

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Answered on 7/07/07, 1:09 pm


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