House OKs standardized late fees for subsidized renters
Those renting under a federally subsidized program would see their interest rate on late fees come down from the current 8 percent to correspond with the federal standard, under a bill approved 133-0 by the House.
HF1515 would take care of an “inadvertent oversight when state statutes were updated in 2010,” according to the bill’s sponsor, Rep. Mary Liz Holberg (R-Lakeville).
The bill would allow landlords operating a lease under a federally subsidized tenancy program to charge late fees, but on a schedule consistent with that of federal guidelines.
It would also delay the effective dates on provisions related to tenant evictions in a foreclosed property from Jan. 1, 2013, to Jan. 1, 2015.
The bill now goes to the Senate where Sen. Scott Newman (R-Hutchinson) is the sponsor.
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