46:10B-10. Interest rate; points
113 words·~1 min read·
/nj/title-46/chapter-10b/46-10b-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as otherwise provided by law, no mortgage loan shall be made at an interest rate in excess of the rate authorized by section 31:1-1 of the Revised Statutes. The charging of points in connection with a mortgage loan is prohibited. For the purposes of this act, "points" means an amount of money or other consideration paid for the making of a mortgage loan, other than interest payable pursuant to the terms of the mortgage loan, but does not include any such sum paid pursuant to a statute of this State or of the United States, nor does it include reasonable expenses and charges.
L.1968, c. 54, s. 10, eff. June 6, 1968.