Bill Text: IL HB1319 | 2015-2016 | 99th General Assembly | Engrossed

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Bill Title: Amends the Security Deposit Interest Act. Provides that the requirement that a lessor pay accumulated interest within 30 days after the end of each 12 month rental period applies to interest that has accumulated to an amount of $5 or more. Provides that the lessor shall pay all interest that has accumulated and remains unpaid, regardless of the amount, upon termination of the tenancy.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2015-08-04 - Public Act . . . . . . . . . 99-0253 [HB1319 Detail]

Download: Illinois-2015-HB1319-Engrossed.html

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HB1319 Engrossed LRB099 04863 HEP 24892 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Security Deposit Interest Act is amended by
changing Section 2 as follows:
(765 ILCS 715/2) (from Ch. 80, par. 122)
Sec. 2. The lessor shall, within 30 days after the end of
each 12 month rental period, pay to the lessee any interest
that has accumulated to an amount of $5 or more, by cash or
credit to be applied to rent due, except when the lessee is in
default under the terms of the lease. The lessor shall pay all
interest that has accumulated and remains unpaid, regardless of
the amount, upon termination of the tenancy.
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.
(Source: P.A. 79-1428.)