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SB 21-091 CREDIT TRANSACTION CHARGE LIMITATIONS
Effective date : 7 / 1 / 22
Under current law , a business accepting a credit card payment is prohibited from imposing a surcharge on cardholder . This bill repeals the prohibition and limits the maximum surcharge to the cardholder of 2 %.
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• Many Members do not accept credit card payments because of the prohibition against passing on transaction cost to the resident . With the ability to pass on up to a 2 % surcharge , some Members may now find credit cards an acceptable payment option .
SB 21-173 RIGHTS IN RESIDENTIAL LEASE AGREEMENTS
Effective date : 10 / 1 / 21
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This bill was another sweeping attempt to permanently delay and disrupt the eviction process and prohibit most fees associated with delinquency or early lease termination . As amended , it limits late fees to the greater of $ 50 or 5 % of the past due rent , mandates a 7-day grace period before the fee is imposed , requires acceptance of payment of all amounts due from a tenant up until the judgment for possession and limits how late fees may be recouped . It prohibits unreasonable liquidated damages .
• Review and potentially change late fee provisions in the lease .
• Review and potentially change grace period in the lease .
• Consider changing due dates in the lease .
• Review lease break provisions and other liquidated damages for reasonableness .
• Develop policies on acceptance of late payments .
HB 21-1083 STATE BOARD ASSESSMENT APPEALS VALUATION ADJUSTMENT
Effective date : 4 / 7 / 21
When appealing the property valuation set by a county board of equalization , the State Board of Assessment Appeals may now decrease or increase the valuation . The Apartment Association opposed the bill out of principal , as we oppose any legislation that can potentially increase costs for housing providers . However , this bill will likely have little practical effect on the outcome of property tax valuation appeals .
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• Prepare a quality defensible appraisal of the property prior to initiating an Assessment Appeal or hiring a third-party to appeal on a contingency basis .
32 | TRENDS JULY 2021 www . aamdhq . org