I often use Google hit counts as a rough measure of how valid an expression is. In the case of "no later than" vs "not later than", Google finds 25 vs 12 million hits, indicating that both forms are probably ok. One secondary source I found claims that the first is colloquial, while the second is mostly used in documents of an official nature (this would explain why it is common, but not as much as the first form).
I would prefer a more authoritative reference for this claim, and promise to accept a valid answer not later than a week after it is posted.