N.J.S.A. 17:9A-59.31

Collection fee schedule

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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This is the verbatim text of N.J.S.A. 17:9A-59.31, 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.