17:9A-59.31. Collection fee schedule
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/nj/title-17/chapter-9a/17-9a-59-31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.