HB421 Summary

• Reduces default period from 30 to 15 days before a self-service storage facility owner can enforce a lien against an occupant for nonpayment.

• Authorizes owners to notify occupants of default and lien enforcement intent through first class mail with certificate of mailing or email, in addition to certified mail.

• Establishes that a reasonable late fee is the greater of $20 per month or 20 percent of monthly rent, and clarifies that late fees are separate from debt interest or collection expenses.

• Specifies that sales conducted in good faith with three or more unrelated bidders are deemed commercially reasonable, and sets maximum property value based on rental agreement limits.

• Provides armed forces service members deployed overseas for 180 days or more with a 90-day grace period after return before owners can enforce liens, upon receipt of written evidence of deployment.