Effective July 1, 2019, the Georgia Self-Storage Act has been amended.
You may recall, the Georgia Statute underwent a more substantial modification several years ago. The substance of these changes, really relate to adding a safe harbor late fee. A safe harbor late fee is a terrific addition to the statute and matches the National SSA Model Late Fee of no more than the greater of $20.00 per month or 20% of the Rent. Georgia does not set a time after which the late fee may be imposed. We can take that that means it can be imposed any time after Default.
The Statute makes a few other technical changes, particularly addressing separation of Self Storage Operators from public bonded warehouseman, but the real news is the safe harbor late fee.
As always, the above article represents the opinion of its author and should not be construed as legal advice. Any changes you wish to make to your Rental Agreement or lien sale protocols, should be done in consultation with your own attorney. However, Congratulations to the West Virginia Operators. Your statute has gone from one of the worst to one of the best practically overnight.
Jeffrey J. Greenberger is a Partner with the law firm of Greenberger & Brewer, LLP, in Cincinnati, Ohio and is licensed to practice in the states of Ohio and Kentucky. Mr.
Greenberger’s practice focuses primarily on representing the owners and operators of commercial real estate, including self-storage owners and operators.
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