Morning Minute: REALTORS® pushing for changes in security deposit penalties

Brian Bernardoni

Brian Bernardoni

REALTORS® are working to protect Chicago landlords from getting hit with mandatory — and often excessive — penalties when minor errors are made in returning security deposits to tenants.

Under the city’s current Resident Tenant Landlord Ordinance, a landlord who makes a minor mistake calculating the deposit return could end up paying a hefty penalty as well as the tenant’s legal fees, Chicago REALTORS® Government Affairs Director Brian Bernardoni told the Chicago Tribune.

REALTORS® are advocating that a better alternative is to make the penalties discretionary rather than mandatory, giving judges more latitude in determining what is appropriate in a case-by-case situation.

Read the full Tribune article, “Realtors trying to loosen rules on penalties in security deposit cases.”

In other headlines:

Yun: Home Ownership Still Matters – Forbes (via REALTOR® Magazine Daily Real Estate News)

TRID: The Cost of a Better Experience – NAR Economists’ Outlook Blog

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