Property Management
Oklahoma law permits landlords to charge late fees for overdue rent. Under best practices and Oklahoma law, late fees should be:
AUnlimited in amount to deter late payment
BReasonable in amount as specified in the lease agreement, not excessive or punitive, and charged only after any grace period has passed✓ Correct
CCollected in addition to eviction filing even if rent is paid
DSet by OREC annually
Explanation
Oklahoma allows late fees if they are specified in the lease, but they must be reasonable. Courts may refuse to enforce excessive late fees as unenforceable penalties. Late fees must be earned per the lease terms (after any grace period) and not assessed until the conditions for their charge are met.
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