How much amount can the landlord charge as late fee for unpaid rent if the rent is less than 700 dollars?
Full Question:
I couldn’t pay the rent for the last month. So I owe my landlord 450 dollars as rent, which is already a big amount for me. The landlord now wants me to pay him a late fee of 20 dollars per day. I find this amount a bit too much for late rent penalty. What is the law on late fee in case of unpaid rent in Iowa?
03/03/2017 |
Category: Landlord Ten... » Late Fees |
State: Iowa |
#33268
Answer:
Iowa Code § 562A.9 says:
“4. For rental agreements in which the rent does not exceed seven hundred dollars per month, a rental agreement shall not provide for a late fee that exceeds twelve dollars per day or a total amount of sixty dollars per month. For rental agreements in which the rent is greater than seven hundred dollars per month, a rental agreement shall not provide for a late fee that exceeds twenty dollars per day or a total amount of one hundred dollars per month.”
