security deposit

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xwill2willx

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In November 2001 I moved into a mobile home. I gave 2 months rent security deposit plus the first months rent. I was told that they were suppose to pay interest on my security deposit and only suppose to keep 1 months deposit by law. To this day I have never recieved any interest on my deposit and when requested to have 1 months security towards my months rent they refused. I only asked for that due to some unexpected medical bills and loss of work hours due to an injury. I live in Chicago's southeast side at Harbour Point estates. It seems that management do what they want and ignore laws. I just wish I could find someone to represent me to get this fixed. I am late with this months rent. My injury has set me back some.
xwill2willx@yahoo.com
 
Can you post the law yor referencing? I have never heard of a Landlord being told he must pay interest on deposit. Furthermore if the Landlord was required to do so it woud be when tenant left not while still living in home/apartment
 
Jacks - I must disagree with you. There are such laws in many states, including mine, VA.
 
I said I was uncertain. Which is why I requested said statute posted. However under what condition does the statute allow Landlord to give said monies to tenant before departure?
 
Security Deposit Interest Act

765 ILCS 715 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.

765 ILCS 715 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.

765 ILCS 715 Sec. 3. This Act does not apply to any deposit made with respect to public housing.
765 ILCS 720 Sec. 0.01. Short title. This Act may be cited as the Retaliatory Eviction Act.

765 ILCS 720 Sec. 1. It is declared to be against the public policy of the State for a landlord to terminate or refuse to renew a lease or tenancy of property used as a residence on the ground that the tenant has complained to any governmental authority of a bona fide violation of any applicable building code, health ordinance, or similar regulation. Any provision in any lease, or any agreement or understanding, purporting to permit the landlord to terminate or refuse to renew a lease or tenancy for such reason is void.
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Will - if you are not in public housing then take your landlord to small claims court to settle this issue. Hope this helps and good luck to you!
 
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