USEFUL INFORMATION
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J. Randolph Given
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CHICAGO LANDLORDS BEWARE: FAILURE TO PAY INTEREST
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Many of my clients are landlords in the City of Chicago, and as such are subject to the Chicago Residential Landlord and Tenant Ordinance (CRLTO) . In 2001, the Illinois Supreme Court held that when a tenant brings an action against a landlord for under CRLTO, for landlord's failure to pay the required annual interest on his security deposit, successfully proving his case, the Court must award double the amount of the damages to the complaining tenant and must hold a hearing for proof of reasonable attorney's fees. The trial court has no discretion. The reasonable attorney's fees must be awarded too, Lawrence v. Regent Realty Group, Inc., Case No. 88237 (07/26/2001). Read the Court Opinion RETURN TO: Useful News Index RETURN TO: Web Site COPYRIGHT 2007 |
This case is huge! The court held that the landlord's liability is strict liability; the landlord's willfulness or inadvertence is irrelevant. The money has to be paid within 30 days of the end of the rental period. The full penalties are not merely authorized by CRLTO, but mandated by it. By taking away the discretionof the trial court, this decision goes beyond remedying a wrong for tenants, and encourages predation upon landlords. We will be seeing a lot of tenants receiving a windfall for the innocent mistakes of unsophisticated landlords. Look up the Interest Rate Required to be Paid on Tenant Security Deposits in Chicago. Go to City of Chicago Website, and search for Chicago Landlord Tenant Ordinance in order to Look up the Interest Rate Required to be Paid on Tenant Security Deposits in Chicago NOTHING CONTAINED IN THIS ARTICLE IS LEGAL ADVICE: IMPORTANT DISCLAIMER |