New York State New Rent Law and Late Fees Questions

[William Coet]

Hello,

We had a lease transferred to us that began in 2018 prior to the new rental law enacted this summer. The lease ended in May of 2019 prior to the new rental law being enacted. I have a couple of questions regarding the late fees on this pre-existing lease.

1.  The lease states a 10% late fee and the new rental law limits the late fee to 5%.  Was a 10% fee allowed prior to the new rental law?

2.  Do the terms of the lease that was created prior to the rental law still apply when deducting late fees from the deposit if the deposit is being returned after the new rental law is enacted?

Thank you in advance for any responses.