Indiana Code 26-3-8-11.5. Late fee for renter’s default; owner’s recovery of costs and expenses of rent collection and lien enforcement
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Sec. 11.5. (a) For each month a renter is in default under the rental agreement, an owner may impose and collect a late fee that does not exceed the greater of the following:
(2) Twenty percent (20%) of the monthly rent.
(1) Twenty dollars ($20).
Terms Used In Indiana Code 26-3-8-11.5
- default: means the failure of a renter to perform, in a timely fashion, any duty imposed by section 10 of this chapter or by a rental agreement. See Indiana Code 26-3-8-1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- owner: means :
Indiana Code 26-3-8-6
- rental agreement: means any written agreement or lease that establishes or modifies the terms under which a renter may store personal property in a rented space in a self-service storage facility. See Indiana Code 26-3-8-8
- renter: means :
Indiana Code 26-3-8-5
(b) In addition to a late fee authorized under subsection (a), an owner may recover from a renter all reasonable costs and expenses of:
(1) rent collection; and
(2) lien enforcement;
incurred by the owner as a result of the renter’s default.
As added by P.L.36-2018, SEC.2.