Regulatory Alerts2026-01-30
Added · Updated
Interest Rates Affecting the Security Deposit Interest Act
The Illinois Department of Financial and Professional Regulation, Division of Banking, announced that the interest rate for security deposits, as required by the Security Deposit Interest Act (765 ILCS 715), is 0.005% with an Annual Percentage Yield of 0.01%. This rate, effective as of December 31, 2025, is based on the interest paid by The Northern Trust Company, Chicago, identified as the largest commercial bank in Illinois on minimum deposit savings accounts. Lessors of residential real property with 25 or more units must pay this interest to lessees on security deposits held for six months or more, within 30 days after each 12-month rental period, either in cash or as a rent credit. The Act excludes deposits for public housing and lessees in default.
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