A landlord may assess a penalty against a residential tenant for late payment of rent
for a residential dwelling unit according to this section. [1987, c. 605, (AMD).]
1.Late payment.
A payment of rent is late if it is not made within 15 days from the time the payment
is due.
[
1987, c. 215, (NEW)
.]
2.Maximum penalty.
A landlord may not assess a penalty for the late payment of rent which exceeds 4%
of the amount due for one month.
[
1987, c. 215, (NEW)
.]
3.Notice in writing.
A landlord may not assess a penalty for the late payment of rent unless the landlord
gave the tenant written notice at the time they entered into the rental agreement
that a penalty, up to 4% of one month's rent, may be charged for the late payment
of rent.
[
1987, c. 215, (NEW)
.]
SECTION HISTORY
1987, c. 215, (NEW).
1987, c. 605, (AMD).
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