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Section 17:9A-59.31 - Collection fee schedule

NJ Rev Stat § 17:9A-59.31 (2019) (N/A)
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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.

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Section 17:9A-59.30 - Security for payment; costs and insurance
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Section 17:9A-59.32 - Acceleration of maturity