Defeat Colorado HB 1141
A new Colorado Bill will SEVERELY limit landlords from charging late fees on late rent.
The bill prohibits a landlord of a mobile home park or a residential premise (landlord) from:
- Charging a tenant or mobile homeowner a late fee for late payment of rent unless the rent payment is late by at least 14 calendar days;
- Charging a tenant or mobile homeowner a late fee in an amount that exceeds the greater of: $20; or the lesser of 3% of the tenant’s or home owner’s monthly rent obligation or 3% of the amount of the rent obligation that remains due;
- Removing, excluding, or initiating eviction procedures against a tenant or mobile homeowner solely as a result of the tenant’s or mobile home owner’s failure to pay late fees;
- Requiring a tenant or mobile homeowner to pay interest on late fees, or recouping any amount of a late fee from a rent payment made by a tenant or mobile homeowner.
This is a DISASTER! First, most landlords have mortgages that are due by the 15th. It is essential we receive rent by the 5th or 10th to make time to pay our mortgage.
Second, making late fees so paltry and not allowing a landlord from taking it from the next rent payment will make paying on time a non-priority for tenants. This will cause severe financial damage to Colorado landlords.
Contact your legislators and voice your concerns TODAY!
About the Author William Bronchick
President and founder of the Colorado Landlords Association, best-selling real estate author and attorney, landlord and real estate investor with 28 years' experience.