1. I. An owner may impose a reasonable late fee in accordance with this section for each service period that a renter does not pay all rent, charges, fees, or expenses when due. A late fee shall not be imposed if the renter pays all rent, charges, fees, and expenses in full by the fifth day after the due date.
2. II. An owner shall not impose a late fee unless the amount of that fee and the conditions for imposing that fee are stated in the rental agreement.
3. III. A late fee of $20 or 20 percent of the amount of each rental payment, whichever is greater, is deemed reasonable and does not constitute a penalty. Any late fee imposed by the owner pursuant to this section shall be in addition to any other remedy provided by law or contract.

Source. 2019, 242:1, eff. Oct. 10, 2019.