N.J.S.A. 17:3B-40 — Default by borrower, attorney's, collection agency's fee

17:3B-40. Default by borrower, attorney's, collection agency's fee 12. If a borrower defaults under the terms of a plan and the bank refers the borrower's account for collection to an attorney or collection agency, not a regularly salaried employee of the bank, for collection, the bank may, if the agreement governing the revolving credit plan so provides, charge and collect from the borrower a reasonable attorney's or collection agency's fee and, in addition, if the agreement governing the plan so provides, the bank may recover from the borrower all court or other collection costs actually incurred by the bank. L.1996,c.137,s.12.

This is the verbatim text of N.J.S.A. 17:3B-40, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.