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Do You Know What Your Landlord Did With Your Security Deposit?

posted May 20, 2014, 1:35 PM by Laura Hoover   [ updated Jul 7, 2014, 3:09 PM ]
The Chicago Residential Landlord Tenant Ordinance requires your landlord to hold your security deposit in an account that gains interest. Just about every tenant I speak with has no idea what their landlord did with their security deposit. You have a right to know! In fact, your landlord needs to tell you the name and address of the bank or financial institution holding your security deposit. This information should be provided to you in your written rental agreement or, if you don't have a written rental agreement, in writing within 14-days after the security deposit was provided to your landlord. What if your landlord doesn't provide this information to you as the tenant? The tenant is then entitled to receive double your security deposit back from your landlord!