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.
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. KyzerLex is not a law firm and this page is not legal advice.