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Sample Letter For Security Deposit Interest

This document provides a sample letter for tenants to request payment of interest owed on their security deposit from their landlord according to the Chicago Residential Landlord-Tenant Ordinance. The letter explains that the law requires landlords to pay annual interest on security deposits held for over six months at the rate set by the City Comptroller. It requests that the landlord pay the tenant the amount of interest owed on their security deposit within 30 days or else the tenant will deduct the amount from next month's rent. The letter should be sent by certified mail for documentation.

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8K views1 page

Sample Letter For Security Deposit Interest

This document provides a sample letter for tenants to request payment of interest owed on their security deposit from their landlord according to the Chicago Residential Landlord-Tenant Ordinance. The letter explains that the law requires landlords to pay annual interest on security deposits held for over six months at the rate set by the City Comptroller. It requests that the landlord pay the tenant the amount of interest owed on their security deposit within 30 days or else the tenant will deduct the amount from next month's rent. The letter should be sent by certified mail for documentation.

Uploaded by

ChicagoMTO
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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P.

10
Sample Letter for Security Deposit Interest
Can only be used by residents of buildings covered by the Chicago
Residential Landlord-Tenant Ordinance

_________________(Date)

_____________________________(Landlord Name)
_____________________________(Address)
_____________________________

Dear ________________________,

I am writing to you concerning the payment of interest on my security deposit. As you


are probably aware, the law requires that landlord's pay interest each year at the rate set by
the City Comptroller for security deposits held more than six months. (Excluding only owner-
occupied six-flats or less.) The interest must be paid each year within 30 days of the
anniversary of the rental agreement.

The law says that if the landlord fails to pay this interest, the court can order the
landlord to pay this interest plus twice the amount of the security deposit, plus court costs and
lawyer's fees.

I have calculated that you owe me a total of $ in interest on my deposit of $


for the past year (or years). I will expect to receive a check for this amount by
( a date at least 30 days after the anniversary of the lease) or I will deduct this amount
from my next months rent.

Thank you for your cooperation.

Sincerely,

_________________________ (Your Name)


_________________________ (Address)
_________________________

Remember to make copies and send by certified mail with return receipt.

This letter published by the Metropolitan Tenants Organization, 2150 S. Canalport Suite 2B2 Chicago, IL, (773) 292-4988.

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