Collection fee schedule

N.J. Stat. § 17:9A-59.31
in effect
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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. L.1964, c. 162, s. 7.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026

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