View Amendment Current Amendment: LCI to Bill 1041

The Committee on Labor, Commerce and Industry proposed the following amendment (not yet finalized):

Amend the bill, as and if amended, page 1, by striking all after the enacting words and inserting:

/ SECTION1. Section 39-20-20 of the 1976 Code is amended by adding appropriately lettered new items to read:

"() 'Independent bidder' means a bidder who is not related to and who has no controlling interest in, or common pecuniary interest with, the owner or any other bidder.

( ) 'Late fee' means any fee or charge assessed for an occupant's failure to pay rent or other fees, charges, or costs when due. 'Late fee' does not include interest on a debt, expenses incurred in the collection of unpaid rent, expenses necessary for the preservation of personal property or expenses reasonably incurred in its sale or another disposition under this chapter, or costs associated with the enforcement of any other remedy provided by law or contract."

SECTION2. Section 39-20-30 of the 1976 Code is amended by adding appropriately lettered new subsections at the end to read:

"( )An owner may impose a reasonable late fee if an occupant does not pay all rent, charg es, fees, or expenses when due.

( )An owner may not impose a late fee unless the amount of that fee and the conditions for imposing that fee are stated in the rental agreement.

( )A late fee of twenty dollars or ten percent of the amount of each rental payment, whichever is greater, is considered reasonable and does not constitute a penalty. Any late fee imposed by an owner pursuant to this section must be in addition to any other remedy provided by law or contract."

SECTION3. Section 39-20-45(E) and (I) of the 1976 Code is amended to read:

"(E) After the expiration of the fifty-day default period, the owner shall publish an advertisement of the public sale to the highest bidder once a week for two consecutive weeks in the print version and the digital version, if available, of a newspaper of general circulation where the self-service storage facility is located and in any other commercially reasonable manner. The manner of advertisement is considered commercially reasonable if at least three independent bidders attend or view the sale in person or online at the time and place advertised.

(I) If no one purchases the property at the public sale and if the owner has complied with the foregoing procedures, the owner may otherwise dispose of the property and shall notify the occupant of the action taken. Any sale or disposition of the personal property must be held at the self-service storage facility, or at the nearest suitable place to where the personal property is held or stored, or online."

SECTION4. This act takes effect upon approval by the Governor. /