| In Chicago, there are limits to how much a late fee can be. The approach in Chicago is that a late fee can be $10.00 late fee on all rentals under $500.00 PLUS 5% on the amount of the monthly rental over $500.00.
Thus, if the monthly rent was $800.00, then the late fee could be up to but not to exceed $25.00.
So, you should see if any state statute or local law or ordinance is like Chicago and limits the amount of the late fee.
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Paul Bernstein, Esq.
Chicago, Illinois
paulbernstein@yahoo.com
http://www.paulbernstein.com
http://www.cyberbarassociation.net
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