The bill amends section 47-16-20 of the North Dakota Century Code to clarify the payment schedule for various types of rents and introduces provisions for late fees on overdue rental payments. 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 another specified date in the rental agreement, the lessor may impose a late fee not exceeding eight percent of the overdue amount. This change aims to provide a clear framework for both landlords and tenants regarding the consequences of late payments.

Statutes affected:
INTRODUCED: 47-16-20