In late March, 2024, Governor Cox signed a Bill modifying the Self Storage Act. All of this
becomes effective May 1, 2024.

The key takeaways are: 1. The Statute now allows for a safe harbor late fee, which matches
many other states in the Country. However, the amount and conditions for imposing the late fee must be stated in your Rental Agreement. 2. The law provides a method for disposing of
personal property left in the event of a move out or other default. 3. The process for default of
nonpayment of rent remains unchanged, although the statute does clarify advertising in a
newspaper a default of nonpayment of rent is only for sale, not other disposal. 4. The Statue
recognizes electronic signatures. 5. Finally, the Act provides a new and simpler way to update
Rental Agreements, when necessary.

This is a summary of the changes to the Act. It is important that you work with your local
attorney to understand all of the changes, how they will affect your operations, and whether or
not you need to update your Rental Agreement to enjoy the benefits or comply with the changes to the Statute.