17:9A-59.31 - Collection fee schedule - New Jersey Statutes

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.