This bill amends section 47-16-20 of the North Dakota Century Code, which pertains to the payment of rents under rental agreements. The bill clarifies the payment schedule for different types of rental properties, stating that agricultural and wild land rents are payable yearly, lodging rents are payable monthly, and other rents are payable quarterly. It also specifies that rents for leases shorter than the defined periods are payable when the lease is terminated.

Additionally, the bill introduces provisions for late fees on rental payments. If a lessee fails to make a rental payment for lodging by the end of the month or by a specified date in the rental agreement, the lessor is permitted to charge a late fee not exceeding eight percent of the overdue rent payment. This new language aims to provide clarity on the consequences of late payments and establish a maximum limit for late fees.

Statutes affected:
INTRODUCED: 47-16-20