Illinois Security Deposit Law
This guide summarizes the key security deposit rules property managers should know in Illinois: how much you can collect, how quickly you must refund, whether you need to disclose where the deposit is held, and whether interest is required. Illinois has recently passed or updated security deposit legislation, so make sure your lease templates and on-site procedures reflect the current rules.
At a glance
- Recent legislation: Yes — review your current lease and process
- Deposit cap: None
- Refund time frame: 30 days (if there are deductions)
- Must disclose deposit location: No
- Interest required on deposits: Yes
What property managers should do
- Document the unit's condition with photos at move-in and move-out
- Provide an itemized statement of any deductions within the statutory window
- Keep deposit funds in a compliant account and maintain a clear audit trail
- Use a deposit management platform like Qira to automate timelines, disclosures, and refunds
How Qira helps
Qira automates security deposit collection, escrow, itemization, and refunds — keeping you on the right side of state-specific timelines and disclosure rules, and giving residents a flexible move-in experience with installment plans or a zero-deposit option.
Originally published at qira.com.
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