§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.
[PL 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.
[PL 1973, c. 762, §1 (NEW).]
3.
[PL 1981, c. 618, §6 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 281, §2 (AMD). PL 1981, c. 618, §6 (AMD).