17:9A-53.6. Limitation on duration of loan
62 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-53-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No banking institution shall make an educational loan, or an advance on an educational loan which is disbursed in more than one advance, which is repayable in more than 7 years. For the purposes of this section an educational loan shall be deemed to be made each time an advance is made thereon.
L.1975, c. 287, s. 5, eff. Jan. 12, 1976.