CREDIT CARD LATE FEES
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Are credit card late fees. The New Jersey high court has said that they may be unlawful under certain circumstances. Credit card companies typically incorporate in Deleware or South Dakota and argue the law of those states permits late fees. In contrast, late fees, particularly when combined with over-limit charges and other fees can violate state laws against deception, usury, and others items.
1. Consumer Fraud Act
The amount of the late fee may be grossly unfair or unconscionable. A late fee on a small balance or when combined with over-limit and other charges may be fundamentally unfair. The claims are helped if the consumer can point to an unfair statement or misleading advertisement or solicitation.
2. State Usury Laws
State usury laws provide for maximum interest rates, and the courts are divided as to how they apply to late fees.
3. Arbitration
Many credit card issuers have inserted arbitration clauses intended to prevent class actions. These clauses may allow claims to be presented to an arbitrator at a hearing, a less formal and legalistic proceeding.
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Law Offices of Howard A. Gutman,
230 Route 206, Flanders, New Jersey 07836
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