17:9A-53.8. Disbursement in more than one advance; principal amount of loan
63 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-53-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When pursuant to an agreement between a banking institution and a borrower, an educational loan will be disbursed in more than one advance, the principal amount immediately following an advance shall be the amount owing on such loan immediately before such advance is made, plus the principal amount of the advance then being made.
L.1975, c. 287, s. 7, eff. Jan. 12, 1976.