What is the law regarding late fees and other charges?
In New York, a lessor (the person renting or leasing property) is allowed to charge a late fee for rent that is not paid in full and on time. However, this late fee cannot exceed 5% of the monthly rent or $50, whichever is less. Furthermore, the late fee cannot be charged until rent is 5 or more days late. In addition to a late fee, the lessor can also charge a fee for any other charges mentioned in the lease agreement. This includes but is not limited to fees for damages done to the property during the lease period, fees for returned checks, and fees for any other service mentioned in the agreement. These other charges cannot exceed 5% of the monthly rent or $50, whichever is less. In New York, a lessor is not legally allowed to charge late fees or other charges that are not specified in the lease agreement. If a lessor attempts to do so, the lessee (the person leasing the property) may contest the charge in court. In summary, New York law states that a lessor is allowed to charge up to 5% of the monthly rent or $50, whichever is less, as a late fee or for other charges specified in the lease agreement. However, the lessor cannot charge any additional fees or late fees that are not specified in the agreement. If attempted, the lessee can contest the charge in court.
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