The State of Illinois has released, via the Illinois Department of Financial and Professional Regulation Division of Banking, the security deposit interest rate affecting leases governed by the Illinois Security Deposit Interest Act (765 ILCS 715). The interest rate press release can be found here.
It might be unprecedented for the City of Chicago to release the CRLTO interest rate BEFORE the new year, but that is what just happened. The City of Chicago Security Deposit interest rate for those rental agreements governed by the Chicago Residential Landlord and Tenant Ordinance for January 1, 2021 through December 31, 2021 will be .01%. This rate has […]
Here at Reda | Ciprian | Magnone, LLC, we don’t represent tenants in residential eviction cases. We help residential landlords. We help lots of them. We talk to lots of them. We are usually glad to have a quick conversation to see if we are a match for an engagement at no cost. Unfortunately, these are unprecedented times and the […]
The IRS has announced new limits for federal estate and gift tax for 2018. Beginning January 1, 2018, the annual exclusion gift amount will increase from $14,000 per person per year to $15,000. The estate and gift tax exemption will also increase from $5.49 million in 2017 to $5.6 million in 2018. This is the first increase in the annual […]
The Illinois Forcible Entry and Detainer Act is commonly referred to as the Eviction Act. Well, the State of Illinois has basically embodied that common parlance into an amendment to Illinois law which, among other things, changes the phrase forcible entry and detainer to eviction and changes the phrase judgment for possession to eviction order. This is a modernization of […]
Take a look at chicagoclosings.com which we intend to be our vehicle to discuss issues related to commercial and residential real estate closings in Chicagoland.
Just as in 2015, the 2016 Security Deposit Interest Rate for leases and tenancies governed by the Chicago Residential Landlord Tenant Ordinance is: 0.01%
The Illinois Security Deposit Interest Act requires certain landlords to make annual payments of interest on the security deposits of their residential tenants. Every year, the State of Illinois determines the rate to be paid. For 2015, the State of Illinois has announced that the interest rate to be used in calculating interest payments under the Act is 0.005%. This […]
The Chicago Residential Landlord and Tenant Ordinance requires that the Comptroller of the City of Chicago determine the interest rate to be paid to tenants for leases governed by 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance (CRLTO). The new rate is (drum roll please):
The Chicago Residential Landlord and Tenant Ordinance dictates that the City of Chicago must determine annually the interest rate to be paid to tenants for leases governed by 5-12-080 of the Chicago Residential Landlord and Tenant Ordinance (CRLTO). This year, the rate has dropped a bit. The new rate is (drum roll please):