- Perfected -

SB 771 - This act authorizes owners of self-storage facilities to charge a lessee a late fee for failing to pay rent on time. The late fee charged by the operator shall be stated in the rental agreement or an addendum to the agreement. A late fee of $20 or 20% of the monthly rent shall be deemed reasonable. An operator may charge a late fee varying from this amount but the operator will have the burden of proving that the fee is reasonable. The operator of a self-storage facility may recover reasonable rent collection and lien enforcement expenses in addition to late fees.

STEPHEN WITTE