Title 22, Banks And Financial Institutions

§412:9-304 Consumer loan charges. Unless specifically authorized in this article or by rule adopted by the commissioner, a financial services loan company shall only have the right to charge, contract for, and receive in advance or otherwise, the following charges in addition to …

§412:9-305 Open-end consumer loans. (a) Open-end consumer loans made under the authority of this article shall be subject to the following special restrictions: (b) A financial services loan company may impose charges on an open-end consumer loan for:

§412:9-306 Refunds on prepayment of a precomputed loan. (a) A borrower shall be entitled to a refund of the unearned interest that has been paid in advance when a precomputed loan is paid in full or refinanced prior to maturity, or on which judgment has been obtained: (b) No refu…

§412:9-307 Fraction of a month. In computing interest, late charges, or refunds for precomputed loans under sections 412:9-302, 412:9-304 and 412:9-306 any fraction of a month may be considered as a whole month. [L 1993, c 350, pt of §1]

§412:9-308 Repayment terms. Nothing in this article shall prohibit loans with a demand feature, including but not limited to a single payment demand loan. [L 1993, c 350, pt of §1]

§412:9-309 Assignments, sale or pledge of loans. Any loan made under this article may be assigned, sold, or pledged in whole or in part to any person. That person may charge, contract for, and receive interest on, and enforce the terms of, the loan to the same extent permitted ex…

PART IV. DEPOSITORY FINANCIAL SERVICES LOAN COMPANIES §412:9-400 Special powers of a depository financial services loan company. In addition to the powers granted in parts II and III of this article, depository financial services loan companies, but not nondepository financial se…

§412:9-401 Required reserve for a depository financial services loan company. (a) Every depository financial services loan company shall maintain and have on hand at all times a reserve composed of cash and other securities in an amount equal to seven per cent of the depository f…

§412:9-402 Membership in federal home loan bank. Any depository financial services loan company may become a member of a federal home loan bank organized under authority of the Federal Home Loan Bank Act, or any successor or similar systems of federal home loan banks established …

§412:9-403 Service corporations. Subject to the approval of the commissioner, one or more depository financial services loan companies may form and own a service corporation only under the following conditions:

§412:9-404 Limitations on loans and extensions of credit to one borrower. (a) No depository financial services loan company shall permit a person to become indebted or liable to it, either directly or indirectly, on loans and extensions of credit, including any credit exposure ar…

§412:9-405 Loans and extensions of credit fully secured by real property. (a) For loans and extensions of credit fully secured by real property other than unimproved raw land, a depository financial services loan company may advance, directly or indirectly, up to and including ni…

§412:9-407 Limits on transactions with affiliates, executive officers, directors or principal shareholders. No depository financial services loan company shall make any loan and extension of credit or engage in any transaction in violation of section 18j of the Federal Deposit In…

§412:9-408 General requirement for investments. (a) A depository financial services loan company shall make investments that are consistent with prudent banking practices and in compliance with all applicable federal and state law. (b) The board of directors of a depository finan…

§412:9-409 Permitted investments. (a) To the extent specified in this subsection, a depository financial services loan company may invest its own assets in: (b) A depository financial services loan company may invest its own assets in bonds, securities, or similar obligations iss…

§412:9-410 Deposits made by depository financial services loan companies. A depository financial services loan company may deposit any of its funds with:

PART V. NONDEPOSITORY FINANCIAL SERVICES LOAN COMPANIES §412:9-500 Prohibitions. Except as otherwise expressly authorized by this chapter or other law, a nondepository financial services loan company shall not solicit, accept, or hold deposits, investment certificates, thrift cer…

§412:9-501 Registration of nondepository financial services loan companies with NMLS. (a) A nondepository financial services loan company licensed under this chapter is not a mortgage loan originator company as defined in section 454F-1. (b) A nondepository financial services loa…