Not only will tenants be able to pay rent with cash or checks under the new Illinois rule, but property owners will also have to adapt. Effective January 1, 2025, House Bill 4206 will have the stamp of approval from the House on August 30, 2024.
An effort to provide tenants greater leeway in their rent payments is the goal of this legislation put up by State Senator Rachel Ventura.
If they don’t want to pay more in transaction costs, property owners are legally required to be more accommodating with payment options. Illinois passed a new law on August 31 that will make it easier to pay rent without incurring late fees.
On July 21, a report brought attention to the expenses linked to apartment rentals in Chicago, encouraging locals to make financial preparations in advance.
Upholding the Rights of Tenants
If a renter refuses to pay with a method other than cash or a check, they may be protected from eviction under this statute. “The new regulation ensures that tenants cannot be evicted if the landlord refuses to accept cash or check payments,” Senator Ventura noted in an email sent to Telemundo Chicago.
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You should know that tenants still can’t use this new law as an out to pay rent late or avoid late fees. “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,” Senator Ventura explained.
Paying with a Credit Card
The tenant is still liable for any extra fees charged by the bank for using a credit card to pay.
Crucial Things to Keep in Mind
The only payment methods that landlords can accept are cash, checks, or a third-party site.
Where landlords refuse to accept payment in the form of cash or cheque, tenants have protection against eviction.
Punctuality in rent payments is not absolved by law.
Landlords still have the right to charge late fees.
The burden of paying the bank fees associated with credit card transactions still lies with the tenant.
To ensure landlords get their rent on time while also respecting tenants’ rights, this new law seeks a middle ground.
