Illinois Statute on Security Deposits
When it comes to renting an apartment in Illinois, renters and tenants have certain rights of which they should be aware. The rules landlords must following regarding security deposits in the state can be found in the Illinois Security Deposit Interest Act and the Security Deposit Return Act.
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Withholding
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Under the Illinois Security Deposit Return Act, it is permissible for landlords to withhold a security deposit under certain circumstances. For instance, if significant repairs are necessary to render the apartment habitable due to damage caused by the previous renter, the security deposit may be used for this purpose.
Returns
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Tenants expect to receive their security deposits back in a timely and efficient manner after they vacate the apartment. According to the Security Deposit Return Act, landlords with buildings containing five or more units must return a renter's security deposit within 45 days after the apartment is vacated.
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Interest
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According to the Illinois Security Deposit Interest Act, only landlords with certain types of property are required to make interest payments on security deposits to their tenants. The types of property that are eligible to have interest returned with the deposit include apartment complexes containing more than 25 total units.
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References
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