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Illinois Compiled Statutes

815 ILCS 165/3 (2026)

Surety Bonds; Escrow Accounts

✓ current as of May 2026
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(815 ILCS 165/3) (from Ch. 29, par. 953)
    Sec. 3. Surety Bonds; Escrow Accounts. Any lessor who requires a deposit from a lessee in connection with a consumer lease shall either:
    (a) have on file with the Illinois Attorney General a surety bond, executed by the lessor as principal and a surety company authorized and licensed to do business in the State as surety, in the amount of $10,000. The bond shall be in favor of the State of Illinois for the benefit of lessor's lessees, and shall secure payment by lessor of all amounts due to lessees under Sections 4 and 5 of this Act; or
    (b) place the full amount of the deposit received in an account with a bank, trust company, or a savings and loan association authorized by law to do business in this State. The account shall be in the name of the lessor and shall be clearly denoted on the records of the bank, trust company or savings and loan association as an account for the deposit of security deposits. The lessee must be advised of the name and address of the bank, trust company or savings and loan association at which the security deposit is held. If the account is interest bearing, the party entitled to the deposit at the end of the lease shall be entitled to any and all interest accrued on the deposit. If the deposit amount is less than $150, such interest shall accrue to the account of the lessor.
(Source: P.A. 85-733.)

    
Notes of Decisions
Cited in 5 cases, 1997–1998 · leading case: Spina v. Toyota Motor Credit Corp., 703 N.E.2d 484 (Ill. App. Ct. 1998).
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Spina v. Toyota Motor Credit Corp., 703 N.E.2d 484 (Ill. App. Ct. 1998). · cites it 5× “See 815 ILCS 165/3 (West 1996). Only if a lessor chooses to deposit the funds in an interest-bearing account will “the party entitled to the deposit at the end of.”
Demitropoulos v. Bank One Milwaukee, N.A., 953 F. Supp. 974 (N.D. Ill. 1997). · cites it 2× “This, interestingly, leaves the Bank free to argue the application of Illinois’ Consumer Deposit Security Act of 1987, 815 ILCS 165/3, whose provisions purportedly preempt the UCC’s more stringent dictates concerning interest payments on security deposits.”
Wiskup v. Liberty Buick Co., Inc., 953 F. Supp. 958 (N.D. Ill. 1997). “Rather, security deposits are regulated under the Illinois Consumer Deposit security Act of 1987 (“ICDSA”), 815 ILCS 165/3, which only requires lessors who have not posted a $10,000 bond with the IHinois Attorney General to segregate security deposits and remit the interest…”
Martin v. Gold Key Lease, Inc., 988 F. Supp. 1101 (N.D. Ill. 1997). “815 ILCS 165/3 (emphasis added). Section 4 requires the lessor, at the end of the lease, to provide the lessee with a statement of the lessee’s account and a check in the amount of any refund due the lessee.”
Spina v. Toyota Motor Credit Corp. (Ill. App. Ct. 1998). · cites it 4× “In fact, under the Deposit Act a lessor may circumvent any duty to pay interest on a security deposit entirely by choosing to post a surety bond with the Illinois Attorney General.”
— 815 ILCS 165/3(a) — 2 cases
Spina v. Toyota Motor Credit Corp., 703 N.E.2d 484 (Ill. App. Ct. 1998). “See 815 ILCS 165/3 (West 1996). Only if a lessor chooses to deposit the funds in an interest-bearing account will “the party entitled to the deposit at the end of.”
Spina v. Toyota Motor Credit Corp. (Ill. App. Ct. 1998). “In fact, under the Deposit Act a lessor may circumvent any duty to pay interest on a security deposit entirely by choosing to post a surety bond with the Illinois Attorney General.”
— 815 ILCS 165/3(b) — 2 cases
Spina v. Toyota Motor Credit Corp., 703 N.E.2d 484 (Ill. App. Ct. 1998). “See 815 ILCS 165/3 (West 1996). Only if a lessor chooses to deposit the funds in an interest-bearing account will “the party entitled to the deposit at the end of.”
Spina v. Toyota Motor Credit Corp. (Ill. App. Ct. 1998). “In fact, under the Deposit Act a lessor may circumvent any duty to pay interest on a security deposit entirely by choosing to post a surety bond with the Illinois Attorney General.”
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