Illinois Statutes Chapter 765. Property § 715/2. Time for payment; penalty for refusal to pay
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§ 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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 765. Property § 715/2. Time for payment; penalty for refusal to pay - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-765-property/il-st-sect-765-715-2.html
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