Illinois Tenants' Rights on Security Deposits
Security deposits on rental housing in Illinois ensure landlords have financial repercussions for damages to the property or nonpayment of rent upon expiration or termination of a lease. Landlords can apply the money toward repair of tenant damage beyond the usual wear and tear of everyday living, and must adhere to certain time lines in returning the balance upon the tenant vacating. According to www.depositlaw.org, "many Illinois renters are not protected by any rules for security deposit return," and certain jurisdictions provide more extensive protection for tenant deposits.
Other People Are Reading
-
Interest Owed
-
Illinois tenants renting in complexes with more than 25 units receive interest on their security deposits. The Illinois Security Deposit Interest Act provides that landlords must pay interest to the renter "at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this State." The rate is determined as of December 31 of the calendar year preceding the start of the rental agreement, and interest is computed from the date the landlord receives the deposit. The law applies to all deposits held by the landlord for more than six months. The law also states that unless the tenant is in default, the landlord must give the tenant the interest accrued in the form of cash or apply it to the tenants' rent after each 12-month period they occupy the premises. The landlord must submit payment to the tenant within 30 days. A tenant can sue his landlord for refusal to comply with this law. The landlord can beheld liable for the interest plus court and attorney's fees. The act does not apply to tenants on public housing assistance.
Time Lines
-
The Illinois Security Deposit Return Act protects tenants of residential housing in buildings or complexes containing five or more units. It provides that landlords must return security deposit balances to tenants no more than 45 days after they move out, according to Illinois-attorney.com. A landlord who claims part or all of the deposit for damages or nonpayment must send the tenant a letter with an itemized list of damages listing the actual or estimated costs within 30 days of his move-out date. A receipt must accompany the list of actual costs or follow estimated costs within 30 days of the letter. Tenants can sue landlords who: fail to return the deposit; willfully produce a statement in bad faith; or refuse to supply one. This entitles tenants to a return of the deposit plus double the amount of the deposit held, court costs and attorney's fees, according to Illinois-attorney.com.
-
Inspections
-
A renter has the right to conduct a thorough visual inspection of the property before moving in and upon moving out. She can document her findings in writing for protection against false claims on the deposit. A landlord is not required to acknowledge the list of damages with a signature, but a certified letter to the landlord including the findings is sufficient, according to rentlaw.com.
-
References
- Photo Credit chicago river, chicago image by rese3282 from Fotolia.com
