Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS
§2-507. Attorney's fees and collection costs
1. With respect to a consumer credit sale or lease, or a supervised loan, the agreement may not provide for the payment by
the consumer of attorney's fees or any other collection cost. A provision in violation of this section is unenforceable.
[
1973, c. 762, §1 (NEW)
.]
2. With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable
attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee
of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision
in violation of this subsection is unenforceable.
[
1973, c. 762, §1 (NEW)
.]
3.
[
1981, c. 618, §6 (RP)
.]
SECTION HISTORY
1973, c. 762, §1 (NEW).
1981, c. 281, §2 (AMD).
1981, c. 618, §6 (AMD).
Data for this page extracted on 10/14/2009 10:43:09.