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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB1319 Introduced 2/4/2015, by Rep. Lou Lang SYNOPSIS AS INTRODUCED:
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765 ILCS 715/2 | from Ch. 80, par. 122 |
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Amends the Security Deposit Interest Act. Provides that the requirement that a lessor pay accumulated interest within 30 days after the end of each 12 month rental
period applies to interest that has accumulated to an amount of $5 or more. Provides that the lessor shall pay all interest that has accumulated and remains unpaid, regardless of the amount, upon termination of the tenancy.
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| | A BILL FOR |
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| | HB1319 | | LRB099 04863 HEP 24892 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Security Deposit Interest Act is amended by |
| 5 | | changing Section 2 as follows:
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| 6 | | (765 ILCS 715/2) (from Ch. 80, par. 122)
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| 7 | | Sec. 2.
The lessor shall, within 30 days after the end of |
| 8 | | each 12 month rental
period, pay to the lessee any interest |
| 9 | | that has accumulated to an amount of $5 or more, by cash or |
| 10 | | credit to be
applied to rent due, except when the lessee is in |
| 11 | | default under the terms
of the lease. The lessor shall pay all |
| 12 | | interest that has accumulated and remains unpaid, regardless of |
| 13 | | the amount, upon termination of the tenancy. |
| 14 | | A lessor who willfully fails or refuses to pay the interest |
| 15 | | required by
this Act shall, upon a finding by a circuit court |
| 16 | | that he has willfully
failed or refused to pay, be liable for |
| 17 | | an amount equal to the amount of
the security deposit, together |
| 18 | | with court costs and reasonable attorneys fees.
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| 19 | | (Source: P.A. 79-1428.)
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