The bill amends section 47-16-20 of the North Dakota Century Code to clarify the payment schedule for various types of rents and to introduce provisions regarding late fees. It specifies that agricultural and wild land rents are payable yearly, lodging rents monthly, and other rents quarterly, with adjustments made to the language for clarity. Additionally, it establishes that rents for leases shorter than the specified periods are payable when the lease is terminated.

A significant addition to the law is the provision allowing lessors to charge a late fee for overdue lodging rent payments. If a rental payment is not made by the end of the month or by a specified date in the rental agreement, the lessor may impose a late fee not exceeding eight percent of the overdue rent payment. This change aims to provide landlords with a mechanism to address late payments while ensuring that tenants are aware of the potential financial consequences of delayed rent.

Statutes affected:
INTRODUCED: 47-16-20