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State sets 2013 security deposit interest rate

2013 Illinois Security Deposit Interest RateEvery new year brings the requirement that landlords learn the new interest rate to be paid on certain residential security deposits.  2013 is no exception.  The Illinois Security Deposit Interest Act requires covered landlords to pay interest on certain residential security deposits based upon “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”.  The Division of Banking of the Illinois Department of Financial & Professional Regulation publishes this amount (based, for 2013 on the assets of BMO Harris Bank, National Association) at the beginning of every year.  The Department has released the rate in a press release today.  For leases entered into from January 1, 2013 to December 31, 2013, the interest rate to be used for the Illinois Statute (do not confuse this rate with the Illinois rate!) is .005%.

Landlords can also find the security deposit interest rate for past years on our website.

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Reda | Ciprian | Magnone, LLC serves the public and other Illinois attorneys by providing timely, accessible information about Illinois law, specifically, estate planning, probate, entity formation, corporate, landlord-tenant, real estate & other areas of the law. Our firm has assisted clients as far away as France and India in their Illinois legal matters.

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