HB514 Summary

• Creates the Self-Service Storage Facilities Act (replacing the existing Self-Service Storage Act), establishing new regulatory framework for self-service storage facilities, occupants, operators, and creditors.

• Grants operators a statutory lien on stored personal property for unpaid rent, late fees, labor, and other charges; lien is superior to all other liens except tax liens and attaches when property is placed in storage.

• Allows operators to enforce liens by selling stored property via public or private sale after sending notice at least 20 days before sale and advertising at least 7 days before sale; occupants may redeem property by paying amounts owed before sale.

• Establishes permissible late fees of $20 per month or 20% of monthly rental amount (whichever is greater) and prohibits residential use of leased storage spaces by both operators and occupants.

• Effective October 1, 2019, applies to all rental agreements entered into, extended, or renewed after that date.