5-12-081 Interest Rate on Security Deposits

City of Chicago Residential Landlord and Tenant Ordinance
Municipal Code Title 5, Chapter 12

5-12-081 Interest Rate on Security Deposits

During June of 1997 and thereafter during December of each year, the city comptroller shall review the status of banks within the city and interest rates on passbook savings accounts, insured money market accounts and six-month certificates of deposit at commercial banks located within the city. On the first business day of July of 1997, and therteafter on the first business day of each year, the city comptroller shall announce the rates of interest as of the last business day of the prior month, on passbook savings accounts, insured money market accounts and six month certificates of deposit at the commercial bank having its main branch located in the city and having the largest total asset value. The rates for money market account shall be based on the minimum deposits for such investments. The rates for certificates of deposit shall be based on a deposit of $1000. The comptroller shall calculate and announce the average of all three rates. The average of these rates so announced by the city comptroller shall be the rate of interest on security deposits under rental agreements governed by this chapter and made or renewed after the most recent announcement.

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