This is how Illinois’ new law easing rent payment fees would impact tenants

Posted by Anderson September 18, 2024
This is how Illinois' new law easing rent payment fees would impact tenants

The new rule in Illinois lets renters pay with cash or checks. This means that property owners will also have to make big changes. On August 30, House Bill 4206 was passed.

It will start to apply on January 1, 2025. This law, which was put forward by State Senator Rachel Ventura, will give renters more freedom in how they pay their rent.

The law says that property owners need to be more open to different ways of paying so that they don’t have to pay extra transaction fees. On August 31, Illinois passed a new rule that will make it easier for people to pay their rent without having to pay extra fees.

On July 21, a story talked about how much it costs to rent an apartment in Chicago and told people to make sure their budgets are ready for that.

Protecting Tenants’ Rights

The purpose of this rule is to protect tenants from being kicked out if they refuse to pay rent in cash or checks. In an email to Telemundo Chicago, Senator Ventura said, “The new rule makes sure that tenants can’t be kicked out if the landlord refuses to accept cash or check payments.”

But it’s important to remember that this new law doesn’t give renters a reason to pay late or avoid late fees. “This law does not affect landlords’ ability to charge a late fee,” Senator Ventura made it clear. “However, it does require them to accept cash or checks from tenants for rent payments.”

Illinois Passes Law to Protect Renters From Excessive Transaction Fees - The Times Weekly
Source thetimesweekly.com

Credit Card Payments

If tenants choose to pay with a credit card, they will still have to pay any extra fees that banks charge for that type of transaction.

Key Points to Remember

  • Landlords must accept cash and checks or use a third-party payment portal.
  • Tenants are protected from eviction if landlords refuse cash or check payments.
  • The law does not exempt tenants from paying rent on time.
  • Late payment fees can still be applied by landlords.
  • Credit card transaction fees imposed by banks remain the tenant’s responsibility.

It is the goal of this new law to protect tenants’ rights while also making sure owners get their rent on time.

Also See:- These are the SSDI beneficiaries and retirees who will get $3,822 in the next 24 hours (or 8 days)