N.J. Stat. § 17:9A-59.31

Current through L. 2024, c. 62.

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.

N.J.S. § 17:9A-59.31

L.1964, c.162, s.7.