Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:16C-47. Assignment of aggregation of retail installment contracts as collateral security for bona fide commercial loan The provisions of section 45 shall not apply to any assignment of an aggregation of retail installment contracts, which is executed by a retail seller or sale…

17:16C-47.1. Purchases of retail installment contract or retail charge account by sales finance company; terms, conditions and price A sales finance company may purchase a retail installment contract or obligations incurred pursuant to a retail charge account from a retail seller…

17:16C-48. Furnishing statement of retail buyer's account Upon written request from the retail buyer, the retail seller or holder of the retail installment contract shall give or forward to the retail buyer within 10 days from receipt of the written request a written statement of…

17:16C-49. Receipt for payment; contents Whenever payment is made on account of any retail installment contract in cash, the person receiving such payment shall, at the time of receiving such payment, furnish to the retail buyer, or the person making such payment on behalf of the…

17:16C-5. Notice and hearing on refusal of license If the commissioner refuses to issue a license he shall: (a) Notify the applicant of the denial and of his right to request a hearing within 10 days. (b) If the applicant does not request a hearing, return the sum paid as a licen…

17:16C-50. Additional charges prohibited; exceptions No retail seller, sales finance company, or holder shall charge, contract for, collect or receive from any retail buyer, directly or indirectly, any further or other amount for costs, charges, insurance premiums, examination, a…

17:16C-51. Collection of charges if sale not made prohibited; status of deposit on contemplated purchase of goods No retail seller shall collect or retain any amount whatsoever in connection with the contemplated sale of goods under a retail installment sales contract, if such sa…

17:16C-52. Payment in full of retail installment contract 52. Upon payment in full by the retail buyer of the time balance and other amounts lawfully due under a retail installment contract, the holder shall: (a) Return to the retail buyer either the original instruments evidenci…

17:16C-53. Certificate of ownership delivered to retail buyer upon final payment 53. When the final payment on a retail installment contract is made in cash by the retail buyer, or his authorized representative, at the designated licensed office of the holder, the certificate of …

17:16C-54. Unauthorized costs and charges Whenever, in any retail installment contract or retail charge account under this act, the retail seller, sales finance company or holder has knowingly charged, contracted for or received from the retail buyer any costs or charges not auth…

17:16C-55. Doing business without license; penalty Any person, and any director, officer, employee, agent, or representative thereof, who or which shall engage in this State in the business of a sales finance company or motor vehicle installment seller without having first obtain…

17:16C-56. Violations of act; penalty; enforcement by summary proceedings (a) Any person conducting business under this act and any director, officer, partner, member, employee, agent, or representative thereof who shall knowingly violate any provision of this act or shall direct…

17:16C-57. Partial invalidity If any provision of this act or the application thereof to any person or circumstance is held unconstitutional, the remainder of the act and the application of such provision to other persons or circumstances shall not be affected thereby. L.1960, c.…

17:16C-58. Repeals Chapter 419, P.L.1948, entitled, "An act to define and regulate retail installment sales in the amount of or of the value of $3,000.00 or less and to license and regulate sales finance companies," approved September 29, 1948, is hereby repealed, and all laws an…

17:16C-58.1. Date of application of act; validity of transactions prior to effective date of act (a) The provisions of this act relating to retail charge accounts shall apply to such accounts in existence on the effective date of this act. (b) Nothing in this act shall be constru…

17:16C-59. Continuation of license under former act Any sales finance company holding a license under the provisions of chapter 419, P.L.1948, approved September 29, 1948, and doing business on the date this act takes effect, shall be considered to have been licensed under and su…

17:16C-6. License; specification of office or branch; transferability; transaction of business under other names or at other locations (a) Each license shall specify the location of the office or branch and must be conspicuously displayed therein. In case such location be changed…

17:16C-60. Short title This act shall be known and may be cited as the "Retail Installment Sales Act of 1960." L.1960, c. 40, p. 163, s. 60.

17:16C-61. Effective date This act shall take effect 90 days from the date of its approval. L.1960, c. 40, p. 163, s. 61.

17:16C-61.1. Short title This act shall be known as, and may be cited as, the "Door-to-Door Retail Installment Sales Act of 1968." L.1968, c. 223, s. 1, eff. July 30, 1968.

17:16C-61.2. Remedial legislation; liberal construction This act deemed and hereby declared remedial legislation necessary for the protection of the consumers of this State, shall be liberally construed to effectuate the purposes and intent thereof. L.1968, c. 223, s. 2, eff. Jul…

17:16C-61.3. Legislative findings The Legislature hereby finds and declares that the consumer is frequently induced to enter into retail installment sales contracts for goods which he does not need through the unsolicited and often unethical persuasion of certain door-to-door sel…

17:16C-61.4. Definitions As used in this act, unless the context clearly indicates otherwise: (a) "Business day" means any day other than a Saturday, Sunday or holiday. (b) "Place of business" means the main or branch office or local address of a retail seller. (c) "Purchase pric…

17:16C-61.5. Rescission; duties of buyer and seller; exception of certain sales; record of buyer's notice (a) Any retail installment sale of goods or retail installment contract for the sale of goods, other than a motor vehicle, a boat, and motor vehicle or boat accessories, for …

17:16C-61.6. Receipt; form and content (a) At the time of executing every retail installment sale or retail installment contract subject to the provisions of section 5 of this act, the retail seller shall deliver to the retail buyer two copies of a receipt which clearly and consp…

17:16C-61.7. Action to recover amount paid When a retail seller, who has received notice of intent to rescind a retail installment sale or retail installment contract, fails to pick up the goods and refund any monies or goods paid by the retail buyer within 10 business days as pr…

17:16C-61.8. Violations by seller Any retail seller who willfully destroys, within 18 months after its receipt, record of a retail buyer's notice of intent to rescind a sale; or who willfully fails to pick up the goods and refund the purchase price within the 10 business days pro…

17:16C-61.9. Rights and remedies of act are in addition to and cumulative of other rights The rights and remedies accorded a retail buyer by the provisions of this act are hereby declared to be in addition to and cumulative of any other right or remedy accorded him by the common …

17:16C-62. Definitions 1. Unless the context otherwise indicates: (a) "Goods" means all chattels personal which are furnished or used in the modernization, rehabilitation, repair, alteration or improvement of real property except those furnished or used for a commercial or busine…

17:16C-63. Home repair contracts; form and contents Every home repair contract: (a) Shall be in writing and contain the entire agreement between the owner and the home repair contractor; (b) Shall state the names and addresses of all parties, the dates when executed by the partie…

17:16C-64. Prohibited contract provisions No home repair contract shall contain: (a) any acceleration clause under which any part or all of the time balance not yet matured may be declared due and payable because the holder deems himself to be insecure; (b) any agreement to pay a…

17:16C-64.1. Relief from liability; prohibited contract provisions No home repair contract shall contain any provision relieving the holder, or other assignee, from liability for any civil remedy sounding in contract which the owner may have against the home repair contractor und…

17:16C-64.2. Form, terms of consumer notes; contractor's bond 2. No home repair contract shall require or entail the execution of any note unless a home repair contractor obtains a bond in a form and amount prescribed by regulations of the commissioner, but said bond shall be in …

17:16C-64.3. Unlawful procurement of consumer note; penalty Any person who procures the execution of a note in violation of this act shall be liable to a penalty of not more than $500.00 for each offense. L.1969, c. 237, s. 3.

17:16C-64.4. Execution of note in violation of act; recovery of finance charges prohibited In the event that a note is executed in connection with a home repair contract in violation of this act, no finance, delinquency, collection, repossession or refinancing charges may be reco…

17:16C-65. Place of business within state; operation as individual, partnership or corporation; workmen's compensation and liability insurance; copy of contract (a) Every home repair contractor must own, rent or lease a place of business in the State of New Jersey; namely, an off…

17:16C-66. Certificate of completion; request or acceptance prior to completion of work prohibited; notice in certificate No home repair contractor shall request or accept a certificate of completion signed by the owner prior to the actual completion of the work to be performed u…

17:16C-67. Separate disclosure statements in contract 6. (a) Every home repair contract shall state separately: (1) the cash price of the goods or services to be furnished; (2) the down payment; (3) the unpaid cash balance which is the difference between paragraphs (1) and (2) of…

17:16C-68. Payment of time balance; extension of scheduled due date; options for computing additional charge (a) Every home repair contract shall provide for the payment of the time balance in substantially equal amounts on dates separated by substantially equal payment-periods; …

17:16C-69. Credit service charge 8. a. A home repair contractor may impose and receive a credit service charge in an amount or amounts agreed to by the home repair contractor and the owner on the amount owing on the unpaid principal balance of the contract. This section shall not…

17:16C-7 Application fee for sales finance companies, license period. 7. Every application for a new license shall be accompanied by a nonrefundable application fee as provided in subsection d. of section 8 of P.L.1996, c.157 (C.17:11C-8). The license shall run from the date of i…

17:16C-70. Additional charges prohibited; exceptions No home repair contractor or any other person shall charge, collect or receive from any owner, directly or indirectly, any further or other amount for costs, charges, insurance premiums, examination, appraisal service, brokerag…

17:16C-71. Delinquency or collection charge for default in payment; attorney's fees (a) A home repair contract using a precomputed credit service charge may provide for a delinquency or collection charge for default in the payment of any such contract or any installment thereof, …

17:16C-72. Receipt for payment; payment or tender to last known holder in absence of notice of assignment Whenever payment is made in cash on account of any home repair contract, the person receiving such payment shall, at the time of receiving such payment, furnish to the person…

17:16C-73. Prepayment; credit on account; payment without penalty (a) When the unpaid balance owing on a precomputed home repair contract is repaid in full at any time before the end of the contract period, the holder of the contract shall allow a credit on account of the precomp…

17:16C-74. Furnishing statement of owner's account Upon written request from the owner, the holder of the home repair contract shall deliver to the owner within 10 days from receipt of the written request a statement of the owner's account showing the date and amount of all payme…