Illinois SB1964 aims to ensure transparency and fairness in rental fees by prohibiting certain fees and requiring explicit disclosure.
Illinois SB1964, the Rental Fee Transparency and Fairness Act, mandates that all fees related to renting residential property must be explicitly listed on the first page of a lease agreement. It prohibits landlords and their agents from imposing fees for late rent payments within 7 days, lease renewals, lease modifications, contacting the landlord, eviction notices, and pet occupancy. Security deposits cannot exceed the first month's rent, and move-in and move-out fees cannot exceed 20% of the first month's rent.
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