Illinois has separate return and interest statutes. Interest applies to qualifying larger properties (25+ units). The current return act should be checked directly.
Last verified: 2026-10-10
Max deposit
—
no statutory cap
Return deadline
See notes
Interest required
Yes
paid to tenant
Separate account
—
statute silent
Maximum Security Deposit
No statutory maximum
No cap established in retrieved current act evidence.
Return Deadline
See notes
Current Return Act must be reviewed; an older AG handout may reflect outdated applicability rules.
Interest on Deposit
Required
Buildings of 25 or more units; deposits held at least six months; statutory passbook-rate formula and annual payment/credit.
Separate Account Required
Statute silent
Statewide account requirement not established; local rules not included.
⚖️ Permitted Deductions
Current Return Act's deduction/documentation provisions need review.
📋 Official Source
The information on this page is sourced from the primary Illinois statute. Always verify against the current official text before making decisions.
How much can a landlord charge for a security deposit in Illinois?
Illinois does not set a statutory maximum for security deposits. Landlords and tenants may agree to any amount in the lease. No cap established in retrieved current act evidence.
Does Illinois require landlords to pay interest on security deposits?
Yes. Illinois requires landlords to pay interest on security deposits. Buildings of 25 or more units; deposits held at least six months; statutory passbook-rate formula and annual payment/credit.
Must Illinois landlords keep security deposits in a separate bank account?
Illinois's statute does not clearly require a separate account for security deposits. Statewide account requirement not established; local rules not included.
Automate security deposit compliance
Property management software handles deposit tracking, deadline reminders, itemized deduction statements, and compliant separate account requirements automatically — so you never miss a Illinois deadline.
This page is for informational purposes only and is not legal advice. Security deposit laws change — always verify the current statute or consult a licensed attorney in Illinois before making decisions. Official source: https://www.ilga.gov/Legislation/ILCS/Articles?ActID=2202&ChapterID=62&Chapter=PROPERTY&MajorTopic=RIGHTS+AND+REMEDIES. Last reviewed: 2026-10-10.