There will be big changes for property owners as a result of the new Illinois law that lets tenants pay rent with checks or cash. On August 30, House Bill 4206 was approved, and on January 1, 2025, it will go into force. This bill, put forth by state senator Rachel Ventura, seeks to provide tenants greater flexibility when it comes to rent payments.
Property owners are required by law to accept a wider range of payment options in order to prevent incurring additional costs as a result of transaction fees.
The new law that will lessen Illinois’ rental payment fees was enacted on August 31. A report published on July 21 outlined the expenses of renting an apartment in Chicago and advised locals to adjust their spending plans appropriately.
Preserving the Rights of Tenants
If a renter refuses to pay their rent with anything other than cash or cheques, this regulation is meant to shield them from being forced to move. Senator Ventura told Telemundo Chicago via email that the new rule “ensures that tenants cannot be evicted if the landlord refuses to accept cash or check payments.”
The new rule does not, it is crucial to remember, give renters a reason to pay rent after the due date or to avoid paying late fees. As stated by Senator Ventura, “This law does not affect landlords’ ability to charge a late fee, but it does require them to accept cash or checks from tenants for rent payments.”
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Payments with Credit Cards
Renters who opt to use credit cards for payment will still be liable for any additional costs that banks may charge for these kinds of transactions.
Important Things to Keep in Mind
- Landlords are required to take payment via a third-party site or accept cash and checks.
- If landlords reject checks or cash, tenants are shielded from being forced to vacate.
- Tenants are nevertheless required by law to pay their rent on time.
- Landlords may still impose late payment penalties.
- Bank-imposed credit card transaction fees are still the tenant’s obligation.
The goal of this new law is to create a balance between safeguarding renters’ rights and making sure landlords get paid on time for their rent.
