“The State of Post-Pandemic Evictions: Where Are We Now?” – KSN landlord/tenant attorney Jessica Ryan discusses important legal updates impacting Illinois landlords and rental property managers. Topics include the CARES Act, Cook Counties Early Resolution Program (ERP), rental assistance, and more. (64 mins.)  The KSN Podcast examines various aspects of association law, landlord/tenant issues, property tax appeals, and more. In each episode, KSN attorneys share their experience and knowledge as they discuss legal updates, best practices, industry trends, and more. KSN Podcas ..read more

Effective March 11, 2024, the Illinois Housing Development Authority (IHDA) has implemented changes to the Court-Based Rental Assistance Program (CBRAP) which reduces the awards granted to landlords. As many landlords and rental property managers are aware that during the pandemic, the IHDA offered rental assistance in phases, periodically opening and closing application periods as funds were allocated. IHDA then limited rental assistance only to tenants involved in court eviction proceedings and established CBRAP for court-based rental assistance. If granted, CBRAP allowed landlords to recove ..read more

The City of Chicago made a recent update to the Residential Landlord and Tenant Ordinance (RLTO) summary as reflected on their website (https://www.chicago.gov/city/en/depts/doh/provdrs/landlords/svcs/residential-landlord-and-tenant-ordinance.html). “The ordinance requires that a summary copy of the ordinance be given to prospective tenants by the landlord. The summary must be attached to each written lease agreement and lease renewal, and must be given to the tenant when there is an oral rental agreement.” The updated RLTO summary can be found here: https://www.chicago.gov/content/dam/city/de ..read more

A U.S. District Court judge in Alabama recently ruled that the Corporate Transparency Act (CTA) is unconstitutional. The CTA, enacted on January 1, 2021, directs the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to establish a nationwide database of beneficial ownership of certain corporations and other legal entities, including: Directors and board members of rental properties Investment corporations Development corporations Rental property managers Investment property managers Development property managers As the recent injunction only applies to enfo ..read more

“2024 Illinois Landlord Legal Updates – Part 2” – KSN landlord/tenant attorney Jessica Ryan discusses important legal updates impacting Illinois landlords and rental property managers. Topics include the Just Housing ordinance, Cook County Residential Tenant Landlord ordinance, source of income, state of evictions, and more. (50 mins.)  The KSN Podcast examines various aspects of association law, landlord/tenant issues, property tax appeals, and more. In each episode, KSN attorneys share their experience and knowledge as they discuss legal updates, best practices, industry ..read more

The Corporate Transparency Act (CTA) is a U.S. law that was passed in 2021. It requires certain businesses to disclose ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The federal law was created to increase business transparency and accountability to prevent illegal activities, particularly financial crimes including fraud, money laundering, and tax evasion. There are 23 different entities that are exempt from the Corporate Transparency Act including different types of credit unions, insurance companie ..read more

The 2024 security deposit interest rate has been set by the Illinois Department of Financial and Professional Regulation (IDPFR). As noted on the Illinois Department of Financial and Professional Regulation website: “The Illinois Department of Financial and Professional Regulation, Division of Banking announced today that the interest rate paid by the largest commercial bank with its main banking premises in Illinois on minimum deposit savings accounts as of December 31, 2023 was 0.005% with an Annual Percentage Yield (APY) of 0.01%. The Security Deposit Interest Act (765 ILCS 715) requires th ..read more

The City of Chicago  Department of Buildings has issued winter weather reminders impacting landlords and rental property managers. You can find the reminders below and here. Chicago Heat Ordinance Residences The Heat Ordinance requires that during designated cold weather months landlords supply heat to residential apartments where occupants do not have individual control of the heat (individual heating equipment). The Heat Ordinance also requires that landlords keep heating equipment within individual apartments or homes in good operating condition. Tenants may be required to pay the ..read more

Each year the City of Chicago Comptroller is required to review and set the rate of interest to be paid on security deposits for residential lease agreements. As recently announced on the City of Chicago website, the rental agreement security deposit interest rate is set at 0.01% from January 1, 2024 through December 31, 2024. Here is the direct link to the English announcement: https://www.chicago.gov/city/en/depts/fin/supp_info/interest_rate_onrentalsecuritydeposits.html Here is the direct link to the Spanish  announcement: https://www.chicago.gov/city/en/depts/fin/supp_info/interest_ra ..read more

There are several legal updates impacting Chicagoland and Illinois landlords and rental property managers. Below is an amended summary including: Changes to Accepting Electronic Payments in 2024 Changes to Immigration as a Protected Class The Illinois Electric Vehicle Charging Act Changes to the Illinois Tenant Radon Protection Act for 2024 New Appellate Court Ruling a Benefit for Chicago Landlords Questions about these legislative changes, evictions, security deposits, leases, tenant screening, and other landlord legal issues? Our experienced landlord/tenant attorneys are here to help ..read more