16a-2-507. (UCCC) Recovery of collection costs and attorney fees.
16a-2-507
16a-2-507. (UCCC) Recovery of collection costs and attorney fees.
With respect to a consumer credit transaction, the agreement may
provide for the payment by the debtor of
reasonable
costs of collection, including, but not limited to, court costs, attorney
fees
and collection agency fees, except that such costs of collection: (1) May not
include costs that were incurred by a salaried employee of the creditor or its
assignee; (2) may not include the recovery of both attorney fees and collection
agency fees; and (3) shall not be in excess of 15% of the unpaid debt after
default. A provision in violation of this section is unenforceable.
History: L. 1973, ch. 85, § 35;
L. 1994, ch. 276, § 1; July 1.