Illinois Interest on deposits

Does a landlord have to pay interest on a security deposit in Illinois?

A landlord of 25 or more units in a building or contiguous complex who holds a deposit must pay interest at a rate tied to the largest Illinois bank's passbook savings rate. Interest of $5 or more is paid in cash or credited to rent within 30 days after each 12-month period; all unpaid interest is due when the tenancy ends. Willful failure makes the landlord liable for an amount equal to the deposit plus costs and attorney's fees.

Verified Source: 765 ILCS 715/1, 715/2 · last checked 2026-10-23