State of Illinois
92nd General Assembly
Legislation

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92_HB2756

 
                                               LRB9202239OBcs

 1        AN ACT in relation to property.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Security Deposit Return Act is amended by
 5    changing Section 1.1 as follows:

 6        (765 ILCS 710/1.1) (from Ch. 80, par. 101.1)
 7        Sec.  1.1.  In  the  event  of a sale, lease, transfer or
 8    other direct or  indirect  disposition  of  residential  real
 9    property, other than to the holder of a lien interest in such
10    property,  by a lessor who has received a security deposit or
11    prepaid rent from  a  lessee,  the  transferee  of  the  such
12    property  shall  be  liable  to  that lessee for any security
13    deposit, including statutory interest, or prepaid rent  which
14    the  lessee  has  paid  to  the  transferor. Transferor shall
15    remain jointly and severally liable with  the  transferee  to
16    the lessee for such security deposit or prepaid rent.
17    (Source: P.A. 81-1525.)

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