Update 2.14.18: NJ Standard Late Fee Bill Signed. Clink here for a link to the bill.
January, 2018: NJ Standard Late Fee Likely to Become Law in January 2018
Operators in New Jersey will likely need to comply with a new late fee in statute beginning this month. The amendment to the Self-Service Storage Facilities Act (A3253/S403) was passed earlier this week by the Assembly, and is on the Governor’s desk. Once he signs the bill, the law will be take effect immediately. The new regulation specifies that self storage operators can assess “up to $20 or 18 percent of the monthly rent, whichever is greater.” Operators already assessing this amount or less as a late fee are already in compliance. Others will need to adjust their late fee practices upon enactment. The bill also clarifies that self storage operators may conduct lien sales online. Although there is no certain date that the bill will be signed into law, based on the legislature’s schedule it likely will be before January 15th and become effective immediately, according to the bill: which is available here: Please click here for details.
The New Jersey Self Storage Association, together with the national Self Storage Association, is working on a number of issues to protect and improve your regulatory arena. The NJSSA lien laws were updated in 2013, however efforts are currently underway to allow for late fees and online auctions. These changes represent consistent storage industry statutes across the US.
A change has been implemented in the sales tax rate for 2017. Please click here for details.