Understanding Tenant Rights: Late Fees in Mount Prospect
If you're a renter in Mount Prospect, Illinois, it's important to understand the rules regarding unpaid rent and late fees under the Mount Prospect Landlord and Tenant Regulations.
If a tenant fails to pay rent and does not pay the unpaid rent within five days of being notified by the landlord, the landlord has two options: (1) terminate the lease and start an eviction or (2) accept late rent and charge a late fee.
The late fee allowed by the Mount Prospect Regulations is 5% of the monthly rent.
- If rent = $1,000, the maximum late fee is $50 for one month.
- If rent = $1,500, the maximum late fee is $75 for one month.
It's important for tenants to understand that they have a responsibility to pay their rent on time. If a tenant is unable to pay their rent when it is due, they should communicate with their landlord as soon as possible to discuss their situation and try to work out a solution. If the tenant does not pay their rent on time and does not respond to the landlord's attempts to communicate, the landlord may have no choice but to terminate the rental agreement.
What happens if a landlord charges a late fee that exceeds what the Mount Prospect Regulations allow?
If the landlord charges a greater late fee, the tenant may be able to take legal action to recover the excess amount. However, the Mount Prospect Regulations do not include extra penalties or damages.
If you have questions or concerns about your landlord's actions or your rights as a tenant, you may want to consult with a legal professional who specializes in landlord-tenant law.
The above article provides information about legal issues but is not the same as legal advice. Legal advice is when a lawyer applies the law to your specific situation. The information in this article does not replace the advice or representation of a licensed attorney. Law Center for Better Housing cannot guarantee the accuracy or completeness of the information in this article and is not responsible for any consequences that may result from using it. You should consult with a licensed attorney to ensure the information in this article is appropriate for your specific situation. Using the information in this article does not create a relationship between Law Center for Better Housing and you as your attorney