Collection fee schedule
Known as the New Jersey Automobile Full Insurance Availability Act
The act spans §§ 17:10B-1 to 17:9A-99 (3,637 sections).
L.1964, c. 162, s. 7.
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.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.