Under the Chicago Residential Landlord Tenant Ordinance, there are three important things to remember when it comes to security deposits.
1. Security deposits earn interest. Every 12 months, a tenant should be paid interest on their security deposit. If this is not done, the penalty is two times the amount of the security deposit plus interest.
2. The security deposit must be in a separate account. The landlord's money and the tenant's money should never be in the same account. If one check was written for both the rent and the security deposit, that rule was likely broken. The penalty is two times the amount of the security deposit plus interest.
3. A proper receipt must be given for the security deposit. See section 5-12-080(b) of the RLTO for all of the details. The entire RLTO is available on my website, http://www.bradfordmillerlaw.com/.
If no receipt is given or if an improper receipt is given, the penalty is two times the amount of the security deposit plus interest.
If you are having trouble with any of the above mentioned items or if you are involved in a landlord tenant dispute, contact Bradford Miller Law, P.C. immediately at 312-238-9298.
Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.
