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Section 17:9A-59.13 - Collection of excess interest rates or unlawful taking of security; penalty

NJ Rev Stat § 17:9A-59.13 (2019) (N/A)
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17:9A-59.13. Collection of excess interest rates or unlawful taking of security; penalty

If a bank knowingly collects interest on advance loans at a rate in excess of that authorized by section 6 of this act, or if a bank knowingly violates section 10 of this act, the bank shall forfeit the entire interest on such advance loans, and the borrower, or his legal representatives may recover back, in an action against the bank, twice the amount of interest paid to the bank on such loans; provided such action is commenced within 2 years from the date such excess interest was collected, or the date when security for such loan was taken, as the case may be.

L.1959, c. 91, p. 226, s. 13. Amended by L.1968, c. 64, s. 13.

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