Security Deposit Interest – Sample Letter
last updated on December 4, 2009 – 4:11 pmone comment
This letter applies to residents within the city of Chicago only who are covered under the Residential Landlord Tenant Ordinance (RLTO). Please see the Exceptions to the RLTO to ensure the law applies to you.
For tenants in suburban Chicagoland, please click here for the law as it applies in your town.
There are a number of issues in regard to this letter form.
First of all, interest is due within 30-days after the end of each 12-month rental period — there are leases for less then a year and more then 12-months.
There is no need to send a letter to the landlord, although this is not a bad thing to do. Also, there is no need to calculate for the landlord the amount of the interest that is due.
Certified Mail, Return Receipt Requested, has some problems associated with it, as many landlords will NOT accept such mail……certified mail, RRR, to a landlord that is violating the law by not paying interest on security deposits, is NOT likely to accept such mailings.