A New Year Means Its Time To Change That Lease Form in Chicago
Happy New Year!
With each change of the calendar year come the requirement that all Chicago landlords subject to the Chicago Residential Landlord Tenant Ordinance ("CRLTO") update the lease form that they are using. This year, there are two important changes to consider and implement.
First, each January, CRLTO requires that the landlord change the interest rate disclosure that is made to tenants. For 2012, the interest rate is set at .057%. The CRLTO requires that Chicago landlords subject to the ordinance disclose the rate for the current year and the prior two years. Failure to disclose the appropriate rate at the time a lease is presented can subject the landlord to significant consequences - such as damages of two times the deposit, return of the deposit and attorney's fees. iMove Chicago uses the latest lease form in all transactions it processes.
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