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Illinois Compiled Statutes Property
Security Deposit Interest Act
765 ILCS 715/
(765 ILCS 715/0.01)
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)
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)
Sec. 2. The lessor shall, within 30 days after the end of each 12
month rental period, pay to the lessee any interest, by cash or credit
to be applied to rent due, except when the lessee is in default under
the terms of the lease. 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. 79-1428.)
(765 ILCS 715/3)
Sec. 3. This Act does not apply to any deposit made with respect to
public housing.
(Source: P.A. 80-491.)
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