In this issue of Community Banker, we discuss the applicability of a North Dakota Century Code statute to collection fees.
We are asked on occasion whether state law prohibits clauses in loan documents that provide for the lender’s recovery of any collection costs after a default, or whether the law only applies to provisions for repayment of attorney’s fees. As this article explains, the statute prohibits just the collection of attorney’s fees.
To continue reading this issue, click here.
To view past issues of Community Banker, check out our newsletter archive.
The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to firstname.lastname@example.org.