New Jersey Administrative Code
Title 3 - BANKING
Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES
Subchapter 8 - CHARACTERISTICS OF LOANS
Section 3:17-8.1 - Provisions applicable to all licensees
Current through Register Vol. 56, No. 18, September 16, 2024
(a) No licensee shall charge an interest rate that is in excess of the rate permitted by 2C:21-19.
(b) No licensee shall charge any fee other than those permitted by 17:11C-33.
(c) A borrower may repay a consumer loan at any time without penalty.
(d) A licensee may only compute interest accrued between monthly payments using the 365/365 method (actual number of days between payments) or the 360/360 method (each month assumed to be 30 days). Sales finance companies may charge a time price differential on retail charge accounts rather than interest.
(e) A borrower shall be given a copy of every document he or she is required to sign.
(f) Where any disclosure is required pursuant to this chapter that is also required by any Federal law or regulation, compliance with such Federal law or regulation shall be deemed to be compliance with this subchapter.
(g) No licensee shall require, as a precondition for the granting of credit, or for any other benefit or consideration from the licensee in connection with a loan, that the borrower engage in any other business activity with the licensee. Nothing in this subsection shall prohibit a licensee from offering to a borrower other services or products in connection with a loan.
(h) A licensee shall not require, nor receive, from a borrower a rebate of any portion of the proceeds of a loan that is not a permissible fee under 17:11C-33.
