Topic: Security Deposit Interest Act (Illinois)
-
The Security Deposit Interest Act states that landlords having over 25 tenants must pay interest on security deposits based on the rates paid by the largest bank in the state. Where can I find this information?
—
by
The IDFPR Division of Banking publishes the largest Illinois bank and the relevant interest rates near the beginning of January every year. You can find this year’s announcement on its website. Note that a different interest rate may apply to each lease; you need to determine the starting date of the lease and use the…