38:23B-14.6. Payments by bank to authority for guaranty or insurance
73 words·~1 min read·
/nj/title-38/chapter-23b/38-23b-14-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every bank which has made or which may hereafter make any approved veteran's loan or loans shall, in consideration of the guaranty or insurance, as herein provided, pay to the authority an amount equal to ten per centum (10%) of all interest received by it on all such loans, to be payable at such time or times and in such manner as the authority may prescribe.
L.1945, c. 185, p. 629, s. 12.