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Tenant never asks for security deposit back - Landlord Forum thread 352305

Tenant never asks for security deposit back by Anonymous (IL) on May 22, 2017 @11:07

                              
Several times I have rented to Asian students who never asked for their deposit back. So I just kept it. It's now been years since they've left. Is this wrong what I did? Is there some statute(sp?) of limitations?
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Re: Tenant never asks for security deposit back by Anonymous (ca) on May 22, 2017 @12:38 [ Reply ]
Tenants are not required to ASK for their security deposit back. However, the landlord is required to GIVE it back. Unless there were damages that are legally allowed to be deducted from the deposit. In which case, this must be properly documented and sent to the tenants.
Of course what you did was wrong and illegal.
Re: Tenant never asks for security deposit back by Anonymous on May 23, 2017 @06:36 [ Reply ]
You must make attempt to send deposit to forwarding address or last known address. If it comes back to you then you have done your job.
Re: Tenant never asks for security deposit back by AnonymousFL on May 23, 2017 @11:43 [ Reply ]
"Under Illinois law, for properties with five or more units, a landlord must return the tenant's security deposit within 30 to 45 days after the tenant moves out -- depending on whether the tenant disputes deductions taken out of the security deposit or if an itemized statement and receipts are provided by the landlord."

It's simple. You must send either an itemized statement or the partial or entire security deposit. Send a check. If they never cash it, the money remains in your account. However, you are still obligated to hold the money. Nice Catch 22, right?

I would say after a year, it is pretty likely the check will not be cashed, but after two I think you could make a pretty good case that they abandoned the money if it ever came down to it (you might even cancel the check if you are bold)...but who knows what a court would say if you pushed it (I wouldn't push it...I would just let them have it).
Re: Tenant never asks for security deposit back by Anonymous on May 23, 2017 @15:27 [ Reply ]
You are not in compliance with the Illinois Uniform Disposition of Unclaimed Property Act. You should be reporting the security deposit amount each year to the State Treasury Department. Failure to do so can result in the Illinois state treasurer imposing a penalty of $500 per day. (765 Ill. Comp. Stat. 1025/25(a)).

There is an amnesty program to sign up for according to State resoures.


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