💰 Illinois Security Deposit Interest Notice

Annual Interest Payment Statement – 765 ILCS 715

📋 25+ Units Required

765 ILCS 715Interest Act

AnnualPayment Req’d

2026Updated

⚖️ 765 ILCS 715/1: “A lessor of residential real property containing 25 or more units… who receives a security deposit shall pay interest to the lessee… at the rate determined each year by the State Comptroller.”

⚠️ Who Must Comply: This notice is required ONLY for landlords with 25 or more units in a single building or complex. Interest must be paid annually on deposits held for more than 6 months.

🏠 Property Information

Property Name/Complex *

Property Address *

City, State, ZIP *

Total Units *

👤 Tenant Information

Tenant Name(s) *

Unit Number *

Tenant Email

🏢 Landlord / Property Manager

Landlord/Company Name *

Phone

Mailing Address

📅 Interest Period

Period Start *

Period End *

Statement Year *

💵 Deposit & Interest Calculation

Security Deposit Amount *

Date Deposit Received *

Annual Interest Rate (%) *

Days Held This Period

💡 Note: The interest rate is set annually by the Illinois State Comptroller. Recent rates have been around 0.01%. Verify the current rate before issuing this notice.

📊 Interest Calculation

Security Deposit:$0.00

Annual Interest Rate:0.00%

Days Held:365

Interest Earned:$0.00

💳 Interest Payment

Payment Method *

Check Number

Payment Date

Interest Amount Paid *

🏦 Depository Information

Bank Name *

Bank Address

✍️ Signatures

Landlord Certification: I certify this statement accurately reflects the security deposit interest earned and paid.

Signature (Print Name) *

Date *

Title

Tenant Acknowledgment (Optional):

Tenant Signature

Date

Understanding Illinois Security Deposit Interest Requirements

Illinois requires landlords with 25 or more residential units to pay interest on security deposits held for more than 6 months. The interest rate is set annually by the State Comptroller.

Key Rule: Only landlords with 25+ units must pay interest. Smaller landlords are exempt (though Chicago has separate rules for all rentals).

Who Must Pay Interest?

Property Type	Interest Required?	Statute
25+ units (Illinois)	Yes – State rate	765 ILCS 715
Fewer than 25 units	No	N/A
Any rental in Chicago	Yes – City rate	RLTO

When to Pay Interest

Must be paid annually within 30 days after each 12-month rental period
Only applies to deposits held more than 6 months
Can be paid by cash, check, or rent credit
Must be paid upon termination of tenancy

💡 Tip: Always verify the current year’s interest rate on the Illinois State Comptroller’s website before calculating payments.

⚖️ Legal Disclaimer

This form is for informational purposes only and does not constitute legal advice. Interest rates change annually. Always verify current Illinois law and applicable rates.