Late Fees in Oklahoma

2 Replies

Is it legal to charge a basic late fee and a daily late fee after so many days in Oklahoma?

For example, our grace period is until the 5th, then we charge a $50 fee. If someone still isn’t paid at the 10th could we start charging a per day late fee?

How would you go about doing that if it's not at lease renewal? Or could you not change it until lease renewal time?

There is no specific law stating you cannot so that in the landlord-tenant law. However, at least in Tulsa, the judge will not allow it. Anything over $50 they usually deny

@Reagan Robinson-Nickell by law in the state of Oklahoma you have to allow until the 5th, afterwards you may charge a late few, in which I suggest you charge it every time your tenants are late and stick to it.  I would suggest starting the eviction process if you are not getting rent until after the 10th. 

I charge $50 dollars for a "standard" late fee. In most counties the judge will not uphold a "per day" late fee charge. There are a few ways that some investors I know of personally that will discount the rent if paid on time. i.e. If rent is typically $800 a month if paid on time, however if they pay after the 5th then the rent is $900. So from the way their lease is written they discount the rent if paid on time, however charge the normal price if received after the 5th. Just their way of getting more than the $50 late fee and not technically charging a late fee.

As for the lease renewal, I guess you could try to modify your lease and have your tenant sign off on it (document it well).  I would just leave their current lease alone and when it comes time to renew their lease if you want then change it and have them sign a new lease.  Or if they are on a month to month tenancy then you can just change it, have tenant sign off on it and the next month that new cause would go into effect.