ILCS » Chapter 765 · Act 715
Illinois Compiled Statutes

765 ILCS 715/1 (2026)

A lessor of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property, who receives a security deposit from a lessee to secure the payment of rent or compensation for damage to property shall pay interest to the lessee computed from the date of the deposit at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this State on minimum deposit passbook savings accounts as of December 31 of the calendar year immediately preceding the inception of the rental agreement on any deposit held by the lessor for more than 6 months

✓ current as of May 2026
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(765 ILCS 715/1) (from Ch. 80, par. 121)
    Sec. 1. A lessor of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property, who receives a security deposit from a lessee to secure the payment of rent or compensation for damage to property shall pay interest to the lessee computed from the date of the deposit at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this State on minimum deposit passbook savings accounts as of December 31 of the calendar year immediately preceding the inception of the rental agreement on any deposit held by the lessor for more than 6 months.
(Source: P.A. 87-386; 88-449.)

    
Notes of Decisions
Cited in 18 cases (2 in the last 5 years), 2001–2022 · leading case: Jackim v. CC-Lake, Inc., 842 N.E.2d 1113 (Ill. App. Ct. 2005).
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Jackim v. CC-Lake, Inc., 842 N.E.2d 1113 (Ill. App. Ct. 2005). · cites it 11× “Section 1 of the Security Deposit Interest Act provides in relevant part: “A lessor of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property, who receives a security deposit…”
Lawrence v. Regent Realty Grp., Inc., 754 N.E.2d 334 (Ill. 2001). · cites it 4× “I also find instructive the language of the Security Deposit Interest Act (765 ILCS 715/1 et seq. (West 1998)). Section 1 of the Security Deposit Interest Act provides that, with respect to buildings or complexes containing at least 25 units, a landlord who receives a security…”
Landis v. Marc Realty, L.L.C., 919 N.E.2d 300 (Ill. 2009). · cites it 2× “NOTES [1] Counts III and IV, based upon the Illinois Security Deposit Interest Act (765 ILCS 715/1 et seq. (West 2004)) and the Illinois Security Deposit Return Act (765 ILCS 710/1 et seq.”
Hoffman v. Altamore, 815 N.E.2d 984 (Ill. App. Ct. 2004). · cites it 2× “In analyzing this issue, we turn first to section 1 of the Security Deposit Interest Act (765 ILCS 715/1 (West 2002)), which contains language similar to yet crucially different from that of section 1 of the Security Deposit Return Act.”
Wolff v. Bethany North Suburban Grp., 2021 IL App (1st) 191858 (Ill. App. Ct. 2021). “(West 2014)) and the Security Deposit Return Act (Deposit Return Act) (765 ILCS 715/1 et seq. (West 2014)). Plaintiff also sought individual damages for consumer fraud under the Consumer Fraud Act (815 ILCS 505/1 et seq.”
Allen v. Lin, 826 N.E.2d 1064 (Ill. App. Ct. 2005). · cites it 2× “Our holding that each townhouse constitutes a separate building for purposes of the RLTO is completely consistent with this principle.”
Steenes v. Mac Prop. Mgmt., LLC, 2014 IL App (1st) 120719 (Ill. App. Ct. 2014). “Similarly, the Illinois Security Deposit Return Act (765 ILCS 710/1 (West 2008)), and the Illinois Security Deposit Interest Act (765 ILCS 715/1 (West 2008)), both describe a security deposit as monies deposited from a lessee to secure the payment of rent or for compensation for…”
Dickson v. West Koke Mill Vill. Partners, 769 N.E.2d 971 (Ill. App. Ct. 2002). · cites it 2× “765 ILCS 715/1 (West 1992). Effective August 20, 1993, Public Act 88—449 (Pub.”
Wang v. Williams, 797 N.E.2d 179 (Ill. App. Ct. 2003). “765 ILCS 715/1, 2 (West 2000). A lessor who willfully fails to pay the interest is also liable for court costs and attorney fees.”
Steenes v. MAC Prop. Mgmt., LLC, 2014 IL App (1st) 120719 (Ill. App. Ct. 2014). “Similarly, the Illinois Security Deposit Return Act (765 ILCS 710/1 (West 2008)) and the Illinois Security Deposit Interest Act (765 ILCS 715/1 (West 2008)) both describe a security deposit as monies deposited from a lessee to secure the payment of rent or for compensation for…”
Jackim v. CC-Lake Opinion corrected on 02/10/06 (Ill. App. Ct. 2005). · cites it 11× “Section 1 of the Security Deposit Interest Act provides in relevant part: "A lessor of residential real property, containing 25 or more units in either a single building or a complex of buildings located on contiguous parcels of real property, who receives a security deposit…”
Lawrence v. Regent Realty Grp., Inc. (Ill. 2001). · cites it 2× “I also find instructive the language of the Security Deposit Interest Act (765 ILCS 715/1 et seq. (West 1998)). Section 1 of the Security Deposit Interest Act provides that, with respect to buildings or complexes containing at least 25 units, a landlord who receives a security…”
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