Positive Rent Payment Reporting Deadline, April 1, 2025, Required by AB 2747
Although this new legislation was reported by MHET Silver Sponsor attorney John Pentecost in his October 2024 Forum presentation on New Laws, it snuck up on us. It is likely some park owners may not be aware of this new reporting requirement. As a rental housing provider, park owners are now required to provide their residents with the opportunity to pay for positive reporting of their on-time rent payments to credit agencies. Notice to inform residents that this service is available was due on April 1, 2025. The notice needs to include that the positive rent payment reporting service is available, will be done at their expense, and provide the reporting service being utilized. You may need to consult your attorney regarding a rental agreement/lease addendum.
The Apartment Association of Orange County is in the process of compiling a list of providers and shared the following companies with a note they are not fully vetted, but may be used as a resource as park owners research their options. Click on the following names to access their website link.
· Boom
· CredHub
· Esusu