💵 Illinois Security Deposit Receipt
Document Tenant Security Deposit – 765 ILCS 710
⚖️ 765 ILCS 710 – Security Deposit Return Act: Requires landlords to return security deposits within 30 days (Cook County) or 45 days (rest of Illinois) after tenant vacates, along with an itemized statement of any deductions.
📌 Purpose: This receipt documents the security deposit collected from a tenant at the beginning of a tenancy. Provide a copy to the tenant and retain one for your records.
🔢 Receipt Information
🏠 Property Information
👤 Tenant Information
🏢 Landlord / Property Manager
📅 Lease Details
💰 Security Deposit Details
Total Amount Received
$0.00
💳 Payment Method
🏦 Deposit Location (Required for 25+ Units)
💡 Illinois Requirement: Landlords with 25 or more units must disclose the financial institution where the deposit is held and pay interest on deposits held 6+ months (765 ILCS 715).
📋 Terms & Acknowledgments
✍️ Signatures
Landlord/Agent Acknowledgment
Tenant Acknowledgment (Receipt of Copy)
Understanding Illinois Security Deposit Requirements
Illinois has specific laws governing security deposits, including how they must be held, when interest applies, and deadlines for return. Understanding these requirements helps landlords stay compliant and avoid penalties.
Return Deadlines by Location
| Location | Return Deadline | Statute |
|---|---|---|
| Cook County | 30 days | 765 ILCS 710 |
| Rest of Illinois | 45 days | 765 ILCS 710 |
| Chicago | 30 days (with itemization within 30 days) | RLTO 5-12-080 |
Interest Requirements (25+ Units)
Landlords with 25 or more units in Illinois must:
- Hold deposits in a federally insured interest-bearing account
- Pay interest on deposits held for more than 6 months
- Provide annual interest statement to tenants
- Interest rate set annually by IL State Treasurer
💡 Best Practice: Even if you have fewer than 25 units, keeping deposits in a separate account makes tracking easier and protects both you and your tenants.
What Can Be Deducted
Legitimate deductions from security deposits include:
- Unpaid rent
- Damages beyond normal wear and tear
- Cleaning costs to return unit to move-in condition
- Unpaid utilities if landlord is responsible
- Other charges specified in the lease
Normal Wear and Tear vs. Damage
| Normal Wear & Tear | Tenant Damage (Deductible) |
|---|---|
| Faded paint from sunlight | Holes in walls, unauthorized painting |
| Worn carpet from normal use | Pet stains, burns, large tears |
| Minor scuffs on floors | Deep scratches, gouges |
| Loose door handles | Broken doors, missing hardware |
Chicago RLTO Special Rules
Chicago landlords have additional requirements:
- Must hold deposit in federally insured interest-bearing account
- Must pay interest annually (rate set by City Comptroller)
- Must provide RLTO summary to all tenants
- Penalty for violations: 2x deposit amount
Penalties for Non-Compliance
⚠️ Warning: Failure to return deposits properly can result in the landlord being liable for the full deposit amount plus additional penalties.
Potential penalties include:
- Return of full deposit (forfeiture of deduction rights)
- 2x deposit amount (Chicago RLTO violations)
- Attorney’s fees and court costs
- Statutory damages
⚖️ Legal Disclaimer
This form is provided for informational purposes only and does not constitute legal advice. Security deposit laws vary by locality, and Chicago/Cook County have additional requirements. Always verify current Illinois law and consult with an attorney for specific situations.
