Chapter 5-12 of the Municipal Code of Chicago hereby gives notice pursuant to Sections 5-12-081 and 5-12-082 of the Municipal Code of Chicago that the rate of interest on security deposits under rental agreements from Jan. 1, 2014 through Dec. 31, 2014, shall be:
This rate is based on the average of the rates of interest, as of Dec. 31, 2013, of the following types of accounts at Chase Bank, which is the commercial bank having the most branches located in the City of Chicago: Savings Account 0.01 percent; Insured Money Market 0.01 percent; and Six-month Certificate of Deposit (based on a deposit of $1,000) 0.02 percent.
A landlord must give a tenant a receipt for a security deposit that includes the owner's name, the date it was received and a description of the dwelling unit.
The receipt must be signed by the person accepting the security deposit.
A landlord must pay interest each year on security deposits and prepaid rent held more than six months.
The rate of interest that a landlord must pay is set each year by the City Comptroller. Before a landlord can deduct expenses for damages from the security deposit, the landlord must provide the tenant with an itemized statement of the damages within 30 days of the date the tenant vacates the dwelling unit.
Within 45 days of the date the tenant vacates the dwelling unit, a landlord must return all security deposit and required interest, if any, minus unpaid rent and expenses for damages. In the event of fire, a landlord must return all security deposit and required interest, if any, minus unpaid rent and expenses for damages.