We were recently notified of some important changes to the City of Chicago Residential Landlord and Tenant Ordinance; and since many of our customers are in Chicago (as we are) we thought it would be important to share the information with you. Here are exerts of the message that I received:
The City of Chicago has put into effect some amendments to the City of Chicago Residential Landlord and Tenant Ordinance, effective August 27, 2010. While there are certain provisions which put somewhat of a burden on landlords (e.g., having to disclose the name and address where the security deposit is being held on the lease), there are some amendments which make life a little easier.
For example, the first months’ rent and security deposit can be paid in one check, and as long as the security deposit is transferred into a segregated account within five business days, you would not be guilty of comingling funds. Also, if there is a miscalculation of interest due, you are not hit with the full penalty (the return of the security deposit, plus twice the deposit as a penalty) until the landlord gives a notice to the landlord informing the landlord of the miscalculation. If the tenant is right and the situation is rectified by payment of the correct interest, plus $50, then that’s the extent of the penalty.
Click Here to See the RLTO Ordinance as of 7-28-10
