Section 2-507 - Attorney's fees and collection costs1. With respect to a consumer credit sale or lease, or a supervised loan, the agreement may not provide for the payment by the consumer of attorney's fees or any other collection cost. A provision in violation of this section is unenforceable. [1973, c. 762, §1(NEW).]
2. With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision in violation of this subsection is unenforceable. [1973, c. 762, §1(NEW).]
3.[1981, c. 618, §6(RP).]
1973, c. 762, § 1 (NEW) . 1981, c. 281, § 2 (AMD) . 1981, c. 618, § 6 (AMD) .