In addition to the other charges which are authorized to be made by this act, a bank may collect a service charge from each advance loan borrower for each billing cycle in which any part of an advance loan remains unpaid. Such service charge shall not exceed a sum equal to (a) the number of advance loans to such borrower during such billing cycle multiplied by $0.25 or (b) the number of advance loan contracts between the bank and the borrower multiplied by $0.50, whichever is the greater.
N.J. Stat. Ann. § 17:9A-59.8
Service charges
Known as the New Jersey Automobile Full Insurance Availability Act
The act spans §§ 17:10B-1 to 17:9A-99 (3,637 sections).
L.1959, c. 91, p. 225, s. 8
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.