North Carolina has recently joined the ranks of states seeking favorable updates to laws that govern the industry, as Governor Pat McCrory (pictured above) signed a new self storage industry lien law (HB 243) that will go into effect October 1, 2013. The self storage lien law is located at North Carolina General Statutes sections 44A.40 to 44A.46. The self storage late fee law is at 66.306. As mentioned in the August 2013 Edition of the SSA Globe, the updates are as follows:
1. Email lien notices: Allows the owner to send the lien notice by verified email. Verified email is one the sender has verified as being a working email address. The occupant must have elected to receive lien notices by email in the rental agreement.
2. Online advertisement of lien sale: Allows the owner to advertise the sale in any commercially reasonable manner. The advertisement is deemed commercially reasonable if three or more independent bidders attend the sale. This gives the owner flexibility in where to advertise.
3. Late fees: Owner may impose a late fee that is the greater of $15 or 15 percent of monthly rent. The late fee may not be imposed until rent is five or more days late. The amount and when the late fee will be imposed must be stated in the rental agreement. Only one late fee may be imposed for each late payment. A late fee cannot be imposed when rent is otherwise current and only late fee unpaid.
To learn more about industry wide lien law changes, please visit: SSA Globe