Reference: the security deposit rule in each state and covered city. To settle a deposit, use the free Deposit settlement tool.

Reference

Security deposit rules in Chicago, IL

Illinois (Chicago): return the deposit within 45 calendar days of the day the tenant vacated. Interest: conditional. Penalty if the rule is not followed (no bad faith needed): 2x the deposit. (765 ILCS 710 (Security Deposit Return Act); 765 ILCS 715 (Security Deposit Interest Act); Chicago Mun. Code 5-12-080 (City of Chicago RLTO Summary))

What the city changes

return within 45 calendar days; damage statement within 30 days; interest, conditional (0.01%); penalty 2x the deposit; documentation duties. Everything else follows Illinois's rule (765 ILCS 710 (Security Deposit Return Act); 765 ILCS 715 (Security Deposit Interest Act)).

Who it covers: RLTO does not cover units in owner-occupied buildings with six or fewer units, most hotel/rooming units, dorms, owner-occupied co-ops and condos, employee housing (5-12-010, 5-12-020 per the City summary).

The rule text

A landlord must return all security deposits and required interest, if any, minus unpaid rent and expenses for damages, within 45 days from the date the tenant vacates the unit.

Chicago Mun. Code 5-12-080 (City of Chicago RLTO Summary). Source: City of Chicago, Residential Landlord and Tenant Ordinance Summary (2023, English), read 2026-10-09.

Notes on this ordinance (1)

The 2026 rider states the rate is the average of Chase savings, money market and 6-month CD rates (all 0.01%).

Research notes (1)

How we sourced this rule: where the text was read and what we could not check.

The ordinance text itself (amlegal.com) blocked fetching (403); quotes come from the City's official RLTO Summary and the 2026 interest-rate lease rider.

Worked example

The same move-out as on the state pages. A $2,000.00 deposit; the tenant moved in on June 1, 2023 and out on September 30, 2026. Intended deductions: $300.00 unpaid rent, $150.00 cleaning and a $1,200.00 carpet that was 5 years old.

Return by: November 14, 2026
45 calendar days after the day the tenant vacated.
Allowed deductions: $1,500.00
Of $1,650.00 claimed.
Refund due: $500.67
Interest $0.67.

The draft statement for this example

DRAFT ITEMIZED STATEMENT OF SECURITY DEPOSIT
Rule: 765 ILCS 710 (Security Deposit Return Act); 765 ILCS 715 (Security Deposit Interest Act); Chicago Mun. Code 5-12-080 (City of Chicago RLTO Summary) (Illinois, Chicago)
Move-out date: September 30, 2026

Security deposit held                            $2,000.00
Interest credited                                    $0.67
Deduction: Unpaid rent                            -$300.00
Deduction: Carpet                               -$1,200.00
Total deductions                                -$1,500.00
Refund due to tenant                               $500.67
Return by                                   November 14, 2026

Notes:
- Itemized statement of damages within 30 days of vacating, with estimated or actual cost, attaching copies of the paid receipts for the repair or replacement.
- Itemized under 765 ILCS 710 (Security Deposit Return Act); 765 ILCS 715 (Security Deposit Interest Act); Chicago Mun. Code 5-12-080 (City of Chicago RLTO Summary).

Settle a deposit in Chicago

required

Where and how much

The state sets the rules; a covered city adds its own.

StateCityAdds the city's ordinance where we cover one.Deposit heldMonthly rentChecks the deposit cap.Units in the buildingInterest depends on it in IL, NY.

Dates

The dates start the clock.

Tenant moved outTenancy startedFor interest and item ages.Lease endedIf not the move-out day.Forwarding address receivedStarts or holds the clock in CT, IA, MN, RI, SD, TX, WY.Tenant's written demand receivedStarts the clock in AZ, KS, MD, MS, OK, SC, UT.New tenant moved inCan start the clock in WI, WV.Notice of claim sentFlorida: the day you sent the notice of your claimReturn period in the lease (days)The lease may set it in CO, ID, ME.

The tenant gave the notice the statute requiresChanges the deadline in AK.Repairs exceed the deposit and need a contractorCan extend the deadline in VA, WV.

Check as of another date

Check as ofDefaults to today. Use it to see where a past or future date stands.

Deductions

What you intend to keep; leave it empty to return everything. An item's age depreciates carpet, paint, blinds and appliances.

Deduction 1

CategoryAmountItem age or install dateNormal wear and tearOrdinary aging: never deductible.

Up to 9 lines.

Documentation

Some states require receipts or dated photos before a deduction stands.

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Computes and cites the published rule; it is not legal advice. You sign the statement: check the statute, your lease and any local ordinance first. Read the disclaimer.

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