38:23B-12.1. Terms of loan for purchase of household furnishings
218 words·~1 min read·
/nj/title-38/chapter-23b/38-23b-12-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Each loan to finance the purchase of household furnishings or household appliances, or both, made under this act shall:
a. Be evidenced by a note or notes or other obligation approved by the commissioner.
b. Bear interest at a rate not exceeding four per centum (4%) per annum upon the unpaid balance.
c. Be payable in monthly or quarterly installments of principal and interest, the first of which shall be payable not less than three months after the making of the loan and the last of which shall be payable not exceeding two years from the date of the obligation; except, however, that any veteran at his option, may, on such form as the commissioner shall prescribe, waive the grace period, or any part thereof, herein provided him for the payment of the first installment of principal and interest.
d. Be secured only by the personal liability of the maker, and not by any endorsers, comakers, collateral or other security; except that a lien on the property purchased with the proceeds of the loan shall be required, and, in accordance with such rules and regulations as prescribed by the commissioner, where the maker is married endorsement of the spouse may be required.
L.1946, c. 121, p. 565, s. 10. Amended by L.1947, c. 190, p. 840, s. 2.