New Jersey § 17:3b-40
Full text of New Jersey New Jersey Statutes § 17:3b-40, with citation guidance and answers to common questions.
§ 17:3b-40.
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.
Frequently Asked Questions About New Jersey § 17:3b-40
What does New Jersey Statutes § 17:3b-40 cover?
Section 17:3b-40 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:3b-40?
A common citation format is "New Jersey Statutes § 17:3b-40" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:3b-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.