This bill aims to limit the application fee that landlords can charge for residential rental properties. Specifically, it stipulates that the application fee cannot exceed five percent of one month's rent, unless that amount exceeds $75, in which case the maximum fee is capped at $75. This regulation is intended to protect potential tenants from excessive fees during the rental application process.

Additionally, the bill establishes penalties for landlords who violate this fee limit. A landlord found in violation would be liable for a penalty of $1,500, along with costs and attorney's fees, which can be enforced through summary proceedings. Furthermore, applicants have the option to pursue a separate cause of action against the landlord, allowing them to recover $250 for the violation, in addition to reasonable attorney's fees or expenses. The bill is set to take effect on the first day of the fourth month following its enactment.