The Chicago RLTO is above anything you’ve agreed to in writing. Most Chicago tenants feel that because they’ve signed something, it is enforceable against them. This is not the case!
According to RLTO Section 5-12-140(a): “Except as otherwise specifically provided by this chapter, no rental agreement may provide that the landlord or tenant: (a) Agrees to waive or forego rights, remedies or obligations provided under this chapter;
A provision prohibited by this section included in a rental agreement is unenforceable. The tenant may recover actual damages sustained by the tenant because of the enforcement of a prohibited provision. If the landlord attempts to enforce a provision in a rental agreement prohibited by this section the tenant may recover two months’ rent.”
Based on this section, security deposits in Chicago are 100% protected to receive interest annually. Please feel free to contact Aaron Krolik Law Office, P.A. in Chicago to learn more.
The RLTO gives both tenants and landlords the right to reasonable attorney fees and costs if you are the “prevailing party."