Chicago Issues New Summary?
Chicago Eviction
by Richard Magnone
2M ago
I was alerted to a new issue on the City of Chicago website. The Residential Landlord and Tenant Ordinance Summary is NEW. However, it looks unformatted. Frankly, it looks unprofessional. I’m not sure why. The new summary doesn’t even have a date on it. This will surely add to confusion for Chicago landlords ..read more
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IDFPR releases 2024 Illinois Security Deposit Interest Rate
Chicago Eviction
by Richard Magnone
4M ago
Yesterday, the Illinois Department of Financial and Professional Regulation’s Division of Banking announced the new rate of interest for security deposits governed by the Illinois Security Deposit Interest Act 765 ILCS 715 (and other local laws that utilize the Illinois rate). The rate was explained to be “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 ..read more
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We are still waiting on the interest rate summary
Chicago Eviction
by Richard Magnone
4M ago
It seemed like things were getting better with the City of Chicago, however, the last two years haven’t been great when it came to the timely release of security deposit interest rates. It is January 3, 2024 and the page that was updated on January 5, 2023 remains up (see below in case they change the link). When will we get a copy of the new interest rate sheet so that landlords can update their leases? I’ve opined on this in the past – how can the City expect strict liability and strict compliance with their law when they don’t respect landlords enough to give them the information necessary ..read more
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Illinois adds “Immigration Status” as a protected class in housing
Chicago Eviction
by Richard Magnone
11M ago
This week, Governor Pritzker signed SB1817 which amends the Illinois Human Rights Act and adds “Immigration Status” as a protected class under State of Illinois fair housing laws. The law becomes effective on January 1, 2024. This law answers a question we get all the time – “do I have to rent to someone who is not a citizen?” Prior to this amendment, the law was somewhat unclear. The Illinois Immigrant Tenant Protection Act prohibits landlords from evicting a tenant based on citizenship/immigration status, but whether or not a landlord could decline a tenant because of immigration status was ..read more
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Finally – 2023 Chicago Security Deposit Interest Rate Summary Released
Chicago Eviction
by Richard Magnone
1y ago
Interest Rate Summary for 2023 for Chicago Residential Landlord and Tenant Ordinance CRLTO RLTO 5-12-170 released ..read more
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Chicago RLTO 2023 Interest Rate just released but there’s a catch
Chicago Eviction
by Richard Magnone
1y ago
The City of Chicago has updated their security deposit web page to announce the “new” interest rate for Chicago RLTO governed leases.  There’s good news and bad news.  The good news is that the 2023 security deposit interest rate is ..read more
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2023 State of Illinois Interest Rate is released
Chicago Eviction
by Richard Magnone
1y ago
2023 Illinois Security Deposit Interest Act interest rate from IDFPR ..read more
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What is old is new as HB 2775 is signed into law by Illinois Governor
Chicago Eviction
by Richard Magnone
1y ago
Gov. Pritzker signs HB2775 prohibiting source of income discrimination under Illinois fair housing law ..read more
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The Current State of Evictions in Cook County
Chicago Eviction
by Richard Magnone
1y ago
Evictions in Cook County Court Circuit Illinois ..read more
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Where is the bilingual 2022 security deposit interest rate summary?
Chicago Eviction
by Richard Magnone
1y ago
The Commissioner of Housing is supposed to issue a separate summary of interest rate under 5-12-170 every year ..read more
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