New Jersey Revised Statutes § 17:16c-71 - Delinquency Or Collection Charge For Default In Payment; Attorney's Fees

17:16C-71. Delinquency or collection charge for default in payment; attorney's fees
(a) A home repair contract using a precomputed credit service charge may provide for a delinquency or collection charge for default in the payment of any such contract or any installment thereof, if such default continues for a period of 10 days. Such charge shall not exceed 5% of the amount of the installment in default or $5.00 whichever is the lesser and may be collected in cash or charged to the owner's account. If charged to the owner's account such charge shall be levied within 35 days from the date of such default and written notification that such charge has been made shall be mailed to the owner within 5 days from the date when such charge was made.

(b) The home repair contract may also provide for the payment of reasonable attorney's fees when a payment in default for a period of 10 days is referred to an attorney, not a salaried employee of the holder of the contract, for collection.

L.1960, c. 41, p. 168, s. 10. Amended by L.1980, c. 174, s. 3, eff. Dec. 29, 1980.


Section: Previous  17-16c-64.4  17-16c-65  17-16c-66  17-16c-67  17-16c-68  17-16c-69  17-16c-70  17-16c-71  17-16c-72  17-16c-73  17-16c-74  17-16c-75  17-16c-76  17-16c-77  17-16c-78  Next

Last modified: October 11, 2016