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Late Fees for Rent Payments in Illinois

Landlords in Illinois are only allowed to charge a late fee if it's spelled out in the lease—and it can't be more than $20 or 20% of the monthly rent.

If a tenant's rent payment in Illinois is more than five days late, then the landlord is allowed—according to Illinois Complied Statues 95, Section 7.10—to charge a late fee of up to $20 or 20% of their monthly rent, whichever is greater. Landlords can also charge a tenant for anything extra they had to do in order to collect the rent. (If that is the case, however, the landlord must be able to provide an itemized list of expenses to the occupant when requested.)

One major caveat: Illinois landlords can only charge late fees on rent if they explicitly mention the fee in either the lease agreement or an addendum to the lease that both parties signed. The lease must state both how much the landlord will charge and when the charge will be triggered.

The information provided on this website does not, and is not intended to, constitute legal advice.

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