New Jersey Statutes 17:3B-40. Default by borrower, attorney’s, collection agency’s fee
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Terms Used In New Jersey Statutes 17:3B-40
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
12. If a borrower defaults under the terms of a plan and the bank refers the borrower’s account for collection to an attorney or collection agency, not a regularly salaried employee of the bank, for collection, the bank may, if the agreement governing the revolving credit plan so provides, charge and collect from the borrower a reasonable attorney’s or collection agency’s fee and, in addition, if the agreement governing the plan so provides, the bank may recover from the borrower all court or other collection costs actually incurred by the bank.
L.1996,c.137,s.12.