17:9A-59.31 - Collection fee schedule
17:9A-59.31.Ā Collection fee schedule
Upon institution of proceedings for the collection of a small business loanĀ in default, a bank may charge a collection fee, in addition to court costs,Ā 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 suchĀ collection fee exceed $500.00.
L.1964, c. 162, s. 7.
Ā
Upon institution of proceedings for the collection of a small business loanĀ in default, a bank may charge a collection fee, in addition to court costs,Ā 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 suchĀ collection fee exceed $500.00.
L.1964, c. 162, s. 7.
Ā