Evanston (RLTO) Security Deposit - How the Landlord Must Store the Security Deposit
If a tenant lives in Evanston and the Evanston Residential Landlord and Tenant Ordinance (RTLO) applies, the landlord needs to follow certain rules when the tenant pays a security deposit.
Where does the landlord need to store the security deposit?
Under the Evanston RLTLO, landlords must hold all security deposits in a federally insured interest-bearing account located in the state of Illinois. This means that the landlord cannot keep the security deposit in their personal bank account or use it for their own personal expenses.
What happens if the landlord didn't store the security deposit correctly?
The Evanston RLTO does not punish a landlord for storing the security deposit in the wrong way. If a tenant has any questions or concerns about their security deposit, it's best to speak with the landlord or consult with a legal professional.
The above article provides information about legal issues but is not the same as legal advice. Legal advice is when a lawyer applies the law to your specific situation. The information in this article does not replace the advice or representation of a licensed attorney. Law Center for Better Housing cannot guarantee the accuracy or completeness of the information in this article and is not responsible for any consequences that may result from using it. You should consult with a licensed attorney to ensure the information in this article is appropriate for your specific situation. Using the information in this article does not create a relationship between Law Center for Better Housing and you as your attorney