What is the late fee restriction policy for the state of Florida?
We are a small consulting business in Florida and in our contract, we state that we reserve the right to charge a late fee on overdue invoices.
Everywhere online says it's legal to do so as long as you stay within the "maximum allowed by law" but I cannot seem to find what that maximum is?
The amount of a late fee that a landlord may assess to a renter and the time frame in which the fee can be assessed should be clearly articulated in the rental lease. This lease should be signed prior to the inhabitation of the rental unit. The components of the lease must be developed in accordance with provisions of state law. The Florida Division of Consumer Services advises tenants to ensure that they thoroughly understand the terms of this agreement prior to signing.
Florida Landlord-Tenant Law
Florida landlord-tenant rules are established by Title 6 Chapter 83 of the Florida State Code. While the law is extensive and speaks to many facets of landlord-tenet procedure, it does not specifically set a maximum cap on the amount of late fees that a landlord is entitled to assess to a tenant who is delinquent in his rent payment.
The law does establish procedures governing the return of the tenant’s deposit money and declares that a landlord must return the deposit within 15 days of the rental agreement’s termination.