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.
2023 State of Illinois Security Deposit Interest Rate
Chicago Releases the 2021 RLTO interest rate for security deposits
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 […]
New policy on landlord-tenant consultations
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 […]
IRS releases new gift and estate tax exemptions for 2018
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 […]
Updates have been made to the Illinois FED Act
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 […]
Come see our new page devoted to real estate closings in Chicago and the suburbs
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.
Chicago 2016 CRLTO Security Deposit Interest Rate
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%
2015 State of Illinois Security Deposit Interest Rate
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 […]
2015 CRLTO Chicago Interest Rate on Security Deposits
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):
2014 Chicago Security Deposit Interest Rate CRLTO released!
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):