Property Management
Under the Chicago RLTO, what interest rate must a landlord pay on security deposits held for more than 6 months?
ANo interest is required
BThe federal funds rate
CThe interest rate set by the City Comptroller each year✓ Correct
D3% fixed rate
Explanation
The Chicago RLTO requires landlords to pay interest on security deposits held for more than 6 months. The interest rate is set annually by the Chicago City Comptroller.
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