This bill prohibits landlords from charging tenants various "junk fees" on rental housing units that have federal backing or assistance. Specifically, it bans application fees and tenant screening fees entirely, while capping late fees at 3 percent of monthly rent (and prohibiting them unless rent is 15 days overdue). The bill also requires landlords to disclose key information to tenants before signing a lease, including the total monthly cost, property litigation history, maintenance issues, and rent increase history from the past decade. The legislation applies to dwelling units that receive federal housing assistance or are financed with federally-backed mortgages, affecting millions of rental properties across the country. Within 180 days of enactment, the Consumer Financial Protection Bureau and Federal Trade Commission must issue rules defining "junk fees" and determine whether reporting unpaid junk fees to credit agencies constitutes illegal debt collection under federal law.
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