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New Interest Rates for Chicago - Time to Update Your Lease
On December 31, 2009, the City of Chicago announced the security deposit nterest rate for all 2010 leases subject to the Residential Landlord Tenant Ordinance ("RLTO"). The new rate is .073%. It is important that landlords update their lease forms to reflect proper disclosure of the new rate to be in full compliance with RLTO. Failure to comply can expose a landlord to significant liability.
Consult with your own legal counsel to learn more or contact a Rent Smart agent for a reference to an attorney familiar with these matters.
