1. (1) The rental agreement provides for the fee;
2. (2) The fee does not exceed 5 percent of the rent due or $5, whichever is higher; and
3. (3) The rent is not paid within 5 days after the due date specified in the rental agreement.

A park owner may charge a late payment fee if:

Added by Acts 1980, c. 843, § 3, eff. July 1, 1980.