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Colorado Late Payment Rules

After reading some of the posts on the forum - I am curious about Colorado law for late fees.  My lease package only states the following blurb - "If the rent of any other charges are not received by the Landlord on or before 5 days after rent due date, Tenant must pay a late fee of $25 in addition to the rent."    Does this mean I can only charge $25 regardless how late they are? Does Colorado not allow for the $25/per day?  Thanks in advance for your advice.
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I do not think that Colorado regulates the amount you can charge. Usually it maxes out at a certain percent of the monthly cost. However the best way to help maintain this and regulate, add the specifics to your lease so that it is plain and concise.
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