17:16C-39.1. Real property mortgage as additional security; prohibition
58 words·~1 min read·
/nj/title-17/chapter-16c/17-16c-39-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No retail installment contract, retail charge account or separate instrument executed in connection therewith shall contain any provision whereby the retail seller, sales finance company or holder takes a real property mortgage as additional security in connection with a retail sale. Any such provision shall be void and unenforceable.
L.1981, c. 324, s. 2, eff. Dec. 9, 1981.