Chicago Security Deposits - Who's Exempt From Paying Interest?

Question

I'm giving back a security deposit for a 1-year lease that just ended (Have since switched to fees). It's a unit in a triplex (not owner-occupied). Do I need to pay the 0.01% interest on this? I'm reading Domu and they say on page 6 of this that interest applies to owners of apartment buildings with 25+ units: https://www.domu.com/security-deposit-summary

But I see a ton of people talking about this issue who are renting smaller buildings on the forums.

I'm glad I switched to fees. This is way too much headache over 18 cents...

Thank you!

But I see a ton of people talking about this issue who are renting smaller buildings on the forums.

I'm glad I switched to fees. This is way too much headache over 18 cents...

Thank you!

Ronan M. · Answer

@Art Maydan and if you are reading Domu PLEASE don't use a Domu lease. When I was a newbie many years ago I got laughed out of eviction court with my Domu lease. Judge had to call a 5 minute recess to settle himself down after all the laughing.

The CAR Chicago lease is here on BP in the file place.

Brie Schmidt · Answer

@Art Maydan - they are not RLTO compliant

Brie Schmidt · Answer

@Art Maydan - google chicago RLTO and read up about who is exempt - don't trust domu

Art Maydan · Answer

Thank you @Brie Schmidt & @Ronan M.

I don't care about the pennies. I just don't want to get sued because I gave them the incorrect amount of pennies back! That was my last lease with a deposit, so good riddance. Fees are great.

What's wrong with Domu leases? I use the CAR lease but am curious.

Ronan M. · Answer

I have many buildings more than 4 units and less than 25 units. I pay interest on all the SD's.

As you yourself mentioned its 0.01%...pennies. Just pay it and be done with it and you have nothing to worry about.

Chicago Security Deposits - Who's Exempt From Paying Interest?

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