There is a newer version of the Illinois Compiled Statutes
2010 Illinois Code
CHAPTER 765 PROPERTY
765 ILCS 715/ Security Deposit Interest Act.
(765 ILCS 715/0.01) (from Ch. 80, par. 120) Sec. 0.01. Short title. This Act may be cited as the Security Deposit Interest Act. (Source: P.A. 86‑1324 .) |
(765 ILCS 715/1) (from Ch. 80, par. 121) 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. (Source: P.A. 87‑386; 88‑449.) |
(765 ILCS 715/3) (from Ch. 80, par. 123) Sec. 3. This Act does not apply to any deposit made with respect to public housing. (Source: P.A. 80‑491.) |
Disclaimer: These codes may not be the most recent version. Illinois may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.