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1995 SESSION

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LD0638346
HOUSE BILL NO. 925 Offered January 25, 1994 A BILL to amend the Code of Virginia by adding a section numbered 55-224.1, relating to late fee provisions in residential leases. ---------- Patron--McClure ---------- Referred to Committee for Courts of Justice ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 55-224.1 as follows:

§ 55-224.1. Late fee provisions in residential leases.

A. A rental agreement may contain a provision for the payment of a late fee for overdue rent. Provisions containing substantially the following form shall be enforceable in the courts of the Commonwealth: "A late charge of five percent of the rent due will be assessed if such rent is not paid within five days after its due date, and an additional five percent of the rent will be assessed if the rent remains unpaid fifteen days after its due date."

B. Nothing in this section shall be construed to require the inclusion of a late fee provision in any rental agreement.

C. The provisions of this section shall apply only to rental agreements for residential property.