10-4-217. Late penalty; calculations; application.

Pursuant to the terms of a rental agreement, an owner may charge and collect a fee from an occupant for the late payment of rent that is to be paid under a rental agreement. Such fee shall be no more than $20.00 per month for each month there is a late payment of rent or 20 percent of the monthly rent for each month there is a late payment of rent, whichever is greater.#

This Code section shall only apply to rental agreements entered into, extended, or renewed, and the late payment of rent occurring, on or after July 1, 2019.#