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Code · New Jersey · Title 17 — Notice and Publication · Chapter 16C

17:16C-40. Loan of money or advance of credit to retail buyer; rate of interest

106 words·~1 min read·/nj/title-17/chapter-16c/17-16c-40·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

No retail seller, sales finance company or holder shall make any loan of money or advance of credit to a retail buyer on or in connection with any retail installment contract or retail charge account and charge, contract for or receive thereon a greater rate of interest than he would otherwise be permitted by law to charge except in accordance with the provisions of this act; provided, however, that nothing contained in this section shall prohibit a banking institution from making any loan which it otherwise is permitted by law to make.
L.1960, c. 40, p. 156, s. 40. Amended by L.1971, c. 409, s. 11.
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