Being a landlord is rewarding, but it means staying on top of the constant changes to the legal landscape. The rulebook in Peoria and throughout Illinois has seen some major updates recently. While ignoring or even simply missing a new rule is an easy mistake to make, it can unfortunately be a very costly one.
At BTS Properties, our mission is to keep you protected and profitable. In our latest video update, Andrew breaks down the top four legal updates that are catching great, independent landlords off guard right now.
⚠️ A Friendly Legal Disclaimer
Before you update any of your lease agreements or standard operating procedures, let’s share a quick reminder: Andrew and BTS Properties are property management professionals, not attorneys. This video and article are for educational and informational purposes only and do not constitute legal advice. Please consult your own legal counsel before updating your processes or legal documents.
The Top 4 Legal Updates You Need to Know
In case you missed any of the points in the video, here is a quick summary of the critical changes.
1️⃣ The Safer Homes Act: Your New Page One
This act provides essential housing protections for victims of domestic and sexual violence. The operational change you must make immediately is including a state-issued 'Summary of Rights' document as the very first page of every new lease and every lease renewal. If this document is buried in an addendum, you could face statutory penalties of up to $2,000, plus the tenant's attorney fees.
2️⃣ Evicting Minors: A Costly Procedural Error
An amendment to the Illinois Eviction Act now makes it strictly prohibited to name a minor as a defendant in an eviction lawsuit. If an eviction is filed and accidentally includes someone under 18, the judge will instantly dismiss the case. This error forces you to restart the entire process, leading to lost weeks of rent and potential statutory penalties.
3️⃣ Reusable Tenant Screening Reports
Great landlords value their time, but charging application fees is now heavily regulated. Under recent changes, if a prospective tenant provides you with a compliant 'reusable tenant screening report' that is less than 30 days old, you cannot legally charge them an application or screening fee. You must update your screening criteria today to account for this new option.
4️⃣ Mandatory Flood Disclosures
Illinois now requires a mandatory, written flood disclosure before any lease is signed. If your property is in a FEMA 100-year floodplain, or if you know the property—or even just the parking area—has flooded, you must disclose it in writing. If this disclosure is missed and the property floods, the tenant has the right to terminate the lease immediately, and you would be required to return all prepaid rent and fees.
Tired of the Headache? We’re Here to Help.
The days of safely using a generic lease template downloaded a few years ago are behind us. Self-managing a rental property is no longer just about fixing toilets and finding great tenants; it requires strict operational compliance to protect your bottom line.
If keeping track of these updates and adjusting your legal documents sounds like a headache you'd rather not deal with, reach out to us at BTS Properties. This is what we do all day, every day, so our owners can rest easy.
You can learn more about our comprehensive property management services at btspeoria.com.
Until next time, we wish you success!
