Kentucky Statutes 359.215 – Late fees and other reasonable expense incurred in rent collection or lien enforcement
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(1) A reasonable late fee may be imposed and collected by an owner for each service period that an occupant does not pay rent when due under a rental agreement, provided that the due date for the rental payment is not earlier than the day before the first day of the service period to which the rental payment applies. No late payment fee shall be assessed unless the rental fee remains unpaid for at least five (5) days after the date specified within the rental agreement for the payment of the rental fee.
(2) No late fee may be collected pursuant to this section unless the amount of the fee and the conditions for imposing the fee are stated in the rental agreement or in an addendum to that agreement.
(3) For the purposes of this section, a late fee of twenty dollars ($20) or twenty percent (20%) of the rental fee for each month an occupant does not pay rent, whichever is greater, is deemed reasonable and does not constitute a penalty.
(4) Any reasonable expense incurred as a result of rent collection or lien enforcement by an owner may be charged to the occupant in addition to the late fees permitted by this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 67, sec. 3, effective July 15, 2014.
(2) No late fee may be collected pursuant to this section unless the amount of the fee and the conditions for imposing the fee are stated in the rental agreement or in an addendum to that agreement.
Terms Used In Kentucky Statutes 359.215
- Lien: A claim against real or personal property in satisfaction of a debt.
- Month: means calendar month. See Kentucky Statutes 446.010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
(3) For the purposes of this section, a late fee of twenty dollars ($20) or twenty percent (20%) of the rental fee for each month an occupant does not pay rent, whichever is greater, is deemed reasonable and does not constitute a penalty.
(4) Any reasonable expense incurred as a result of rent collection or lien enforcement by an owner may be charged to the occupant in addition to the late fees permitted by this section.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 67, sec. 3, effective July 15, 2014.