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

17:3B-13. Revolving credit plan prohibitions 10. Revolving credit plan prohibitions. No revolving credit plan agreement shall contain: a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the le…

17:3B-14. Collection costs Collection costs. Upon the filing of an action for the collection of an amount in default under the terms of the revolving credit plan, the lender, in addition to the recovery of all court costs, reasonable attorney's fees and expenses of repossessing a…

17:3B-15. Changes in terms 12. Changes in terms. a. A lender may, if the agreement governing a revolving credit plan so provides, at any time amend the terms of the agreement with respect to the periodic percentage rates used to calculate interest, the method of computing the out…

17:3B-16. Extension of closed end credit Extension of closed end credit. A lender may, subject to the provisions of this act, offer and extend closed end credit in amounts, at rates of interest, and for a term of payment, and may take security, including personal property or real…

17:3B-17. Interest Interest. Notwithstanding the provisions of R.S. 31:1-1, a lender extending closed end credit may, subject to the criminal usury provisions of N.J.S. 2C:21-19, charge and collect interest with respect to a note or loan at daily, weekly, monthly, annual or other…

17:3B-18. Periodic percentage rates 15. Periodic percentage rates. The periodic percentage rates of interest charged and collected with respect to a loan under a closed end credit agreement may, subject to any limitations set forth in the loan agreement, vary in accordance with t…

17:3B-19 Additional charges. 16. Additional charges. If the closed end loan agreement so provides, a lender may: a. Charge and collect the actual costs of filing or recording the instrument of security on a secured loan, or notice or abstract thereof, if the filing or recording i…

17:3B-2. Violation of truth in lending act and state law; civil actions When under any law of this State, a civil action is expressly provided for any act or failure to act which constitutes a violation of any provision of such law, and such act or failure to act also constitutes…

17:3B-20. Deferred installments Deferred installments. A lender under a closed end credit agreement may, at any time, permit a borrower to defer installment payments on a loan and may, in connection with the deferral, charge and collect deferral charges in accordance with the loa…

17:3B-21. Insurance 18. Insurance. A lender under a closed or open end credit agreement may: a. Subject to the terms of the loan agreement, require any property securing the loan to be insured for the benefit of the lender against loss or damage of the security; b. Offer credit l…

17:3B-22. Prepayment in a closed end credit arrangement Prepayment in a closed end credit arrangement a. An individual borrower may prepay a loan in full at any time without payment of any prepayment charge. b. If a borrower wishes to prepay a loan, a lender shall not use the "ru…

17:3B-23. Closed end loan prohibitions Closed end loan prohibitions. No closed end loan agreement shall contain: a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the lender deems himself to …

17:3B-24. Collection costs in a closed end credit arrangement Collection costs in a closed end credit arrangement. Upon the filing of an action for the collection of an amount in default under the terms of the loan agreement, the lender, in addition to the recovery of all court c…

17:3B-25. Applicable federal law Applicable federal law. Revolving credit plans or closed end credit agreements shall be subject to the federal truth in lending provisions of the "Consumer Credit Protection Act," Pub.L. 90-321 (15 U.S.C. s. 1601 et seq.) or other applicable provi…

17:3B-26. Administrative regulations Administrative regulations. The Commissioner of Banking may promulgate regulations to implement the provisions of this act. L. 1985, c. 81, s. 23, eff. March 14, 1985.

17:3B-27. Nonexclusivity Nonexclusivity. The provisions of this act are not exclusive and the lender may at its option elect to extend credit either pursuant to this act or as otherwise permitted by applicable law. The provisions of this act shall apply to all transactions made p…

17:3B-29. Findings, declarations relative to bank revolving credit plans 1. a. The Legislature finds and declares that: (1) Interest that can be charged by issuers of bank credit cards may depend on the laws of the state under which a bank is chartered or in which a federally cha…

17:3B-3. Rules and regulations The Commissioner of Banking and Insurance may promulgate appropriate rules and regulations to effectuate the purposes of this act. L.1969, c. 112, s. 3.

17:3B-30. Definitions relative to bank revolving credit plans 2. As used in this act: "Bank" means any state or federally charted bank, savings bank or savings and loan association. "Borrower" means any corporation, partnership, association, government or governmental subdivision…

17:3B-31. Bank permitted to offer credit under revolving credit plan 3. A bank may, subject to any limitations on lending authority contained in its charter or otherwise imposed by law, and subject to other provisions of this act, offer and extend credit under a revolving credit …

17:3B-32. Bank permitted to charge, collect periodic interest under revolving credit plan 4. A bank may charge and collect periodic interest under a revolving credit plan on outstanding unpaid indebtedness in the borrower's account under the plan at such daily, weekly, monthly, a…

17:3B-33. Periodic percentage rate, rates of interest may vary 5. If the agreement governing the revolving credit plan so provides, the periodic percentage rate or rates of interest under the plan may vary in accordance with a schedule or formula. The periodic percentage rate or …

17:3B-34. Additional interest, charges permitted 6. In addition to or in lieu of interest at a periodic rate or rates as provided pursuant to sections 4 and 5 of this act, a bank may, if the agreement governing the revolving credit plan so provides, charge and collect as interest…

17:3B-35. Imposition of different terms 7. A bank may, if the agreement governing a revolving credit plan so provides, impose different terms, including without limitation, the terms governing the periodic percentage rate or rates used to calculate interest, the method of computi…

17:3B-36. Customary checking charges may be imposed 8. If credit under a revolving credit plan is offered and extended in connection with a demand deposit account or other transaction account maintained by the borrower with the bank pursuant to an agreement or arrangement whereby…

17:3B-37. Omission of monthly installments 9. A bank may at any time and from time to time unilaterally extend to a borrower under a revolving credit plan the option of omitting one or more monthly installments. L.1996,c.137,s.9.

17:3B-38. Insurance for borrower requested, required 10. a. A bank may request but not require an individual borrower to be insured with respect to a revolving credit plan under a life, health, accident, health and accident or other credit or other permissible insurance policy, w…

17:3B-39. Imposition of late, delinquency charge 11. If the agreement governing a revolving credit plan so provides, a bank may impose, as interest, a late or delinquency charge upon any outstanding unpaid installment payments or portions thereof under the plan which are in defau…

17:3B-4. Short title This act shall be known and may be cited as the "Market Rate Consumer Loan Act." L. 1985, c. 81, s. 1, eff. March 14, 1985.

17:3B-40. Default by borrower, attorney's, collection agency's fee 12. If a borrower defaults under the terms of a plan and the bank refers the borrower's account for collection to an attorney or collection agency, not a regularly salaried employee of the bank, for collection, th…

17:3B-41. Terms of agreement, amendment 13. a. A bank may, if the agreement governing a revolving credit plan so provides, at any time, or from time to time, amend the terms of the agreement, including without limitation, the terms governing the periodic percentage rate or rates …

17:3B-42. Other laws not applicable; exceptions 14. Any other law of this State limiting the rate or amount of interest, discount, points, finance charges, service charges or other charges which may be charged, taken, collected, received or reserved shall not apply to extensions …

17:3B-43. Nonexclusivity of act 15. The provisions of this act are not exclusive and a bank may extend credit either pursuant to this act or as otherwise provided by applicable law. L.1996,c.137,s.15.

17:3B-44. Charges considered interest 16. Notwithstanding the characterization of certain charges in the act as interest, all charges permitted by this act which may be deemed interest by any rules, regulations or interpretations of the Comptroller of the Currency for purposes of…

17:3B-45. Laws of State govern revolving credit plan, conditions 17. A revolving credit plan between a bank and an individual borrower shall be governed by the laws of this State if the plan so provides and the bank has its principal office in this State or makes its loans from a…

17:3B-46. Provisions of act may apply to any revolving credit plans 18. a. A bank may apply the provisions of this act to any of its revolving credit plans. b. A bank may apply this act to a revolving credit plan entered into prior to the effective date of this act and the act sh…

17:3B-5. Definitions Definitions. As used in this act: a. "Borrower" means a natural person or persons obtaining credit for personal, family or household purposes. b. "Closed end credit" means the extension of credit by a lender to a borrower pursuant to a note or loan agreement …

17:3B-6. Extension of credit under revolving credit plan Extension of credit under revolving credit plan. Any lender offering and extending credit under a revolving credit plan to a borrower may charge and collect interest and charges and may take security as collateral in connec…

17:3B-7. Interest Interest. Notwithstanding the provisions of R.S. 31:1-1, a lender may, subject to the criminal usury provisions of N.J.S. 2C:21-19, charge and collect interest under a revolving credit plan on outstanding unpaid indebtedness in the borrower's account under the p…

17:3B-8. Periodic percentage rates 5. Periodic percentage rates. If the agreement governing the revolving credit plan provides that the periodic percentage rates of interest under the plan may increase or decrease, the increase or decrease shall take place only in correspondence …

17:3B-9. Purchases and loans--differing terms Purchases and loans--differing terms. A lender may, if the agreement governing a revolving credit plan so provides, impose different terms, including, without limitation, the terms governing the periodic percentage rate or rates used …