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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Chapter 9a:
Section: 17:9a-59.31: Collection fee schedule
Upon institution of proceedings for the collection of a small business loan in default, a bank may charge a collection fee, in addition to court costs, according to the following schedule:
(a) on the first $750 of indebtedness, 15\%;
(b) on the excess over $750 of indebtedness, 10\%, but in no case shall such collection fee exceed $500.00.
L.1964, c. 162, s. 7.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:9a-59.31 (if available):
Court decisions that cite this statute:
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