Illinois Security Deposit Law
What landlords in Illinois need to know about deposit limits, refund deadlines, interest, and penalties for getting it wrong.
Deposit cap
No statewide cap (Chicago limits vary by ordinance)
Refund deadline
45 days
30 days for an itemized statement, 45 days to refund the balance (varies for buildings of 5+ units).
Interest required?
No
Interest is required only for landlords with 25+ units in the same building (or Chicago's separate ordinance).
Separate account?
Not required
Penalty for noncompliance
Willful noncompliance for buildings of 5+ units can result in 2x damages plus attorney's fees.
Statute: 765 ILCS 710/1
This page summarizes general state-level rules as of 2026 and does not cover city or county ordinances, which can be stricter. Verify against the statute cited above or with a local attorney before relying on it. See all states.