This is a law that can really help tenant’s build their credit and improve their financial future. Complying with it can be difficult, but the intent behind this law is definitely a good one.

This law requires landlords of buildings with 15 units or more or landlords that own more than 1 residential rental property or landlords that are a REIT or corporation to offer positive rental payment reporting to at least 1 credit bureau. Landlords can only charge the lesser of $10 or the actual cost to provide the service, unless of course the landlord does not incur a fee to provide the service.

Note that this is only positive rental history reporting. Landlords need to offer positive rental history reporting with all leases beginning on 4/1/25 and must provide notice to tenants of leases existing as of 1/1/25 of the same offer.

If a tenant defaults on the payment, landlords are not allowed to use rent income to cover it and cannot use any unpaid fee amount for this service as a reason for termination of tenancy or any other punitive action. The landlord is able to stop the reporting if the fee remains unpaid for 30 or more days.