Illinois Compiled Statutes 765 ILCS 715 Security Deposit Interest Act. Section 2

    (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, by cash or credit to be applied to rent due, except when the lessee is in default under the terms of the lease.

    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.)

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Last modified: February 18, 2015