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§ 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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 715/1. Interest to be paid by lessor on security deposits; rate - last updated January 01, 2019 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-715-1.html
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