🌿 Illinois Security Deposit Receipt
Required Documentation When Collecting Security Deposit
CHICAGO RLTO REQUIRES WRITTEN RECEIPT: Under the Chicago RLTO, landlords must provide a written receipt for any security deposit within 14 days of receiving it, and must hold the deposit in a federally insured interest-bearing account. The receipt must include the bank name and account location. Statewide, written deposit receipts are best practice for all Illinois landlords.
💰 Deposit Information
🏭 Bank Account (Chicago RLTO Required)
Chicago RLTO: The deposit must be held in a federally insured, interest-bearing account separate from the landlord's personal or operating funds. Landlord must pay interest on the deposit annually at the Chicago Deposit Interest Rate.
👤 Tenant Information
🏠 Rental Property
👔 Landlord Information & Signature
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The Chicago RLTO requires landlords to provide written security deposit receipts within 14 days of collection and hold deposits in interest-bearing accounts. Illinois has no statewide return deadline for security deposits, but Chicago requires return within 30 days (or 45 days if the landlord provides an itemized deduction statement).
Chicago RLTO Security Deposit Requirements
- Written receipt within 14 days of collecting deposit
- Must hold in federally insured interest-bearing account
- Must pay interest annually at the Chicago Deposit Interest Rate
- Return within 30 days of move-out (or 45 with itemized deductions)
- Penalty: landlord forfeits right to keep deposit plus additional damages
⚖ Legal Disclaimer
This form is for informational purposes only. Illinois landlord-tenant law varies by city — Chicago has significantly stricter rules under the RLTO. Consult a qualified Illinois attorney for advice specific to your situation.
