!!!!! LEGISLATIVE ALERT !!!!! Senate Bill (SB256) will impact rental management like nothing ever before. The bill has multiple co sponsors. I’m astonished at the severe modifications to our current process. While I’m told its a reaction to apartments and their practices, there are tens of thousands of privately owned homes / condos this would affect. I will be crafting a letter to the sponsors, would love your insights via reply. Link is at the end. Here are the highlights:
1. Will remove the decision by an owner whether to open their property to Section 8 tenants (government benefits may not be discriminated)
2. Late fees may only be charged after 3 days late and limited to an amount not to exceed 5% of the rent – no matter how late.
3. Would remove late fees from the definition of rent. Meaning, if rent is paid without late fees, landlord must accept.
4. Tenant may request initial move out inspection in order to be allowed to remedy any deficiency.
5. Tenant can request an additional walk out inspection 3 days prior to receive a statement of any remaining deficiencies.
6. Would change the accounting/return of a deposit within 14 days or 5 days of the final inspection whichever is earlier.