The Landlord and Tenant Act of Illinois is found in 765 ILCS 705. State law does not limit the amount that a landlord may charge tenants as a security deposit. However, the state law stipulates that if the rental property has five or more units, the landlord must return the security deposit to the tenant within 30 to 45 days of move out if deductions are removed. If deductions are taken out, the landlord must provide an itemized statement of those deductions.
Understanding Illinois state law and federal law is vital for landlords and property managers. You may want to seek legal advice. It will help you understand the rights and obligations created for yourself and Illinois tenants when entering a residential lease agreement. You will learn more about protecting your interests in real estate and what you should do if the prospective tenants miss their rental payments.
Under 735 ILCS 9-207, the notice period for lease termination for an Illinois month-to-month lease is 30 days. It must be a written notice.