17:9A-59 - Penalty for violations - New Jersey Statutes

17:9A-59.  Penalty for violations
    If a bank knowingly violates any provision of this article in the making or  collection of an installment loan, the bank shall forfeit the entire interest  which the note or other evidence of debt carries with it, or which has been  agreed to be paid thereon, and the borrower, or his legal representatives, may  recover back, in an action against the bank, twice the amount of interest  received by the bank on such loan;  provided, such action is commenced within 2  years from the date such violation occurred. The amount of any interest credit  allowed pursuant to section 56 shall not be deemed to be interest received by  the bank for the purposes of this section.

     L.1948, c. 67, p. 239, s. 59.  Amended by L.1952, c. 279, p. 950, s. 1; L.1976, c. 128, s. 7, eff. Dec. 21, 1976.