Late Fee Cap
New York Real Property Law § 238-a limits residential late fees by requiring a minimum grace period (rent must be more than five days late before a late fee may be charged) and by capping the fee at the lesser of a fixed dollar amount or a percentage of monthly rent. This cap applies regardless of whether the tenancy is market-rate or regulated, subject to statutory scope and exceptions.
- Where it applies
- New York State
- When it comes up
- Lease Execution / Lease Administration
- Property types
- Residential Leasing
Related terms
Rent Due DateGrace PeriodAdditional FeesDefault
Residential Leasing Terms
- Application Fee Cap (Background/Credit Check Fee)
- Good Cause Eviction
- Guarantor (Residential)
- Lease Rider (Residential)
- Renewal Lease (Rent Stabilized)
- Rent Stabilization (including ETPA Stabilization)
- Roommate Law (Residential Occupancy Rights)
- Security Deposit (Limit & Return Timing)
- Source of Income (Housing)
- Sublet (Residential)
General information, not legal, tax or financial advice.