Monday, July 20, 2009

Security deposits should be in separate accounts!

Did you know? Under the Chicago Residential Landlord Tenant Ordinance, a tenants security deposit must be placed in a separate account earning interest. Failure to comply can result in a penalty of twice the amount of the security deposit! This is only one of numerous rules landlords must abide by in the City of Chicago. Contact us for more details.

Miller Bammi LLC, a full service Chicago-based law firm, focuses on Chicago evictions, Chicago building code violations, residential and commercial closings and loan modifications, contract related matters, business formations, general litigation, estates and trusts and other areas. Contact us at admin@millerbammi.com or 312-238-9298.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.