S.Amdt. 2447

This amendment aims to end junk fees for renters by targeting specific charges on covered dwelling units. The text outlines rules for application fees, tenant screening fees, late fees, and required disclosures.

• The appropriate regulator must prohibit owners from charging application fees to households applying to rent a covered dwelling unit.

• Owners are prohibited from charging screening or background check fees to households applying to rent.

• Late fees are restricted so that they must be less than 3 percent of the monthly rent, 15 days must have passed since the rent was due, and these rules must be disclosed in the lease.

• Owners must disclose the total monthly amount due, past litigation summaries, pest and maintenance issues, and the amount of rent increases for each of the 10 previous years before a lease is signed.

• The Bureau of Consumer Financial Protection and the Federal Trade Commission are required to issue a rule defining rental junk fees and treating the furnishing of information about unpaid junk fees to a consumer reporting agency as an unfair or unconscionable means to collect a debt.