17:9A-59.13 - Collection of excess interest rates or unlawful taking of security;Ā penalty
17:9A-59.13.Ā Collection of excess interest rates or unlawful taking of security;Ā penalty
If a bank knowingly collects interest on advance loans at a rate in excess of that authorized by section 6 of this act, or if a bank knowingly violates section 10 of this act, the bank shall forfeit the entire interest on such advance loans, and the borrower, or his legal representatives may recover back,Ā in an action against the bank, twice the amount of interest paid to the bank onĀ such loans;Ā provided such action is commenced within 2 years from the dateĀ such excess interest was collected, or the date when security for such loan wasĀ taken, as the case may be.
L.1959, c. 91, p. 226, s. 13.Ā Amended by L.1968, c. 64, s. 13.
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If a bank knowingly collects interest on advance loans at a rate in excess of that authorized by section 6 of this act, or if a bank knowingly violates section 10 of this act, the bank shall forfeit the entire interest on such advance loans, and the borrower, or his legal representatives may recover back,Ā in an action against the bank, twice the amount of interest paid to the bank onĀ such loans;Ā provided such action is commenced within 2 years from the dateĀ such excess interest was collected, or the date when security for such loan wasĀ taken, as the case may be.
L.1959, c. 91, p. 226, s. 13.Ā Amended by L.1968, c. 64, s. 13.
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