Is There any laws that says that a apartment complex can charge any amount for a late fee. The complex I live at charges $150.00 a day. I have read somewhere that they can only charge a percent of the rent. I need some help. If anyone out there that has some kind of knowlogde about this please help me. Thanks
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That is pretty excessive. Illinois has a percentage, but I charge $5 a day late fee.. Used to charge $1 a day. and every month there were quite a few late payments, some for week or more,, After changing to $5 we may only have one or two people miss it by a day.
This should be spelled out in your lease.. Mine is and have never seen a lease without late fee notification
While it seems pretty excessive, what does your lease state regarding late fees? Did you sign the lease agreeing to the fees? State laws (except in Calif.) usually do not regulate late fees. Since it is a “complex”, I’m sure they are running there business in accordance to state laws.
That is a bit excessive. It shouldn’t be more than $10, but as a landlord I don’t use late fees. I offer a $20 discount if rent is paid on time or before. If your late, I can be reasonable as long as it’s not every month and not more than a week late. If your late, then I don’t have the income to meet my expenses on time.