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

NOTE: There are more recent revisions of this legislation. Read Latest Draft
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



HB1319 EngrossedLRB099 04863 HEP 24892 b
1 AN ACT concerning civil law.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Security Deposit Interest Act is amended by
5changing Section 2 as follows:
6 (765 ILCS 715/2) (from Ch. 80, par. 122)
7 Sec. 2. The lessor shall, within 30 days after the end of
8each 12 month rental period, pay to the lessee any interest
9that has accumulated to an amount of $5 or more, by cash or
10credit to be applied to rent due, except when the lessee is in
11default under the terms of the lease. The lessor shall pay all
12interest that has accumulated and remains unpaid, regardless of
13the amount, upon termination of the tenancy.
14 A lessor who willfully fails or refuses to pay the interest
15required by this Act shall, upon a finding by a circuit court
16that he has willfully failed or refused to pay, be liable for
17an amount equal to the amount of the security deposit, together
18with court costs and reasonable attorneys fees.
19(Source: P.A. 79-1428.)
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