765 ILCS 715/ Security Deposit Interest Act.

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PROPERTY
(765 ILCS 715/) Security Deposit Interest Act.

765 ILCS 715/0.01

(765 ILCS 715/0.01) (from Ch. 80, par. 120)

Sec. 0.01.

Short title.

This Act may be cited as the

Security Deposit Interest Act.

(Source: P.A. 86-1324.)

765 ILCS 715/1

(765 ILCS 715/1) (from Ch. 80, par. 121)

Sec. 1.

A lessor of residential real property, containing 25 or more
units in either a single building or a complex of buildings located on
contiguous parcels of real property, who receives a security deposit from a
lessee to secure the payment of rent or compensation for damage to property
shall pay interest to the lessee computed from the date of the
deposit 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
on minimum deposit passbook savings accounts as of December 31 of the calendar
year immediately preceding the inception of the rental agreement on any deposit held by the lessor
for more than 6 months.

(Source: P.A. 87-386; 88-449.)

765 ILCS 715/2

(765 ILCS 715/2) (from Ch. 80, par. 122)

Sec. 2.

The lessor shall, within 30 days after the end of each 12 month rental
period, pay to the lessee any interest that has accumulated to an amount of $5 or more, by cash or credit to be
applied to rent due, except when the lessee is in default under the terms
of the lease. The lessor shall pay all interest that has accumulated and remains unpaid, regardless of the amount, upon termination of the tenancy.

A lessor who willfully fails or refuses to pay the interest required by
this Act shall, upon a finding by a circuit court that he has willfully
failed or refused to pay, be liable for an amount equal to the amount of
the security deposit, together with court costs and reasonable attorneys fees.

(Source: P.A. 99-253, eff. 1-1-16.)

765 ILCS 715/3

(765 ILCS 715/3) (from Ch. 80, par. 123)

Sec. 3.

This Act does not apply to any deposit made with respect to public housing.

(Source: P.A. 80-491.)