What You Need To Know and
What is SB1157?
- SB 1157 is a senate bill that was enacted on September 28, 2020 and is effective July 1, 2021.
- It applies to Rental Housing that receives federal or state assistance for developments with 16 or more rental units. It does not apply to developments with 15 or fewer units.
What is required?
- Covered landlords are required to offer tenants the option to report their rent to a credit reporting agency such as RentReporters.
- For new leases entered into on or after July 1, 2021, it must be offered at the time of the lease agreement and annually thereafter.
- For existing leases outstanding as of July 1, 2021, the offer must be made no later than October 1, 2021 and at least annually thereafter.
Cost Offset
- A landlord can charge a fee each month equal to the cost to provide the service, or $10, whichever is less.
The RentReporters Solution
RentReporters can ensure you are compliant. By offering RentReporters as a reporting solution, compliance remains at no cost. Once you have created a RentReporters account by completing the form below, all you have to do is provide us your reporting partner and there is no further obligation or cost on your part.
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