New Jersey § 17:9a-59
Full text of New Jersey New Jersey Statutes § 17:9a-59, with citation guidance and answers to common questions.
§ 17:9a-59.
A. If any payment on an advance loan remains unpaid for a period of more than 15 days
after such payment falls due pursuant to a contract between the bank and the borrower
governing such loan, the bank may make and collect a late charge in such amount as
may be provided for in such contract between the bank and the borrower, but no such
late charge shall exceed 5% of the amount of the payment so in default, or $5.00,
whichever is the lesser, and not more than one late charge shall be made on any one
payment in arrears. B. Upon institution of proceedings for the collection of an advance loan in default,
a bank may charge a collection fee, in addition to court costs, according to the following
schedule: (a) on the first $750.00 of indebtedness, 15%; (b) on the excess over $750.00, 10%, but in no case shall such collection fee exceed
$500.00. C. When there is in effect more than one advance loan contract between the bank and
a particular borrower, the provisions of this section shall apply to each contract
individually and not to all advance loan contracts collectively.
Frequently Asked Questions About New Jersey § 17:9a-59
What does New Jersey Statutes § 17:9a-59 cover?
Section 17:9a-59 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 § 17:9a-59?
A common citation format is "New Jersey Statutes § 17:9a-59" (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 § 17:9a-59 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.