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

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 …

17:3C-1. Prohibition; exceptions No banking institution, as said term is defined in section 1 of the Banking Act of 1948 (C. 17:9A-1), bank holding company, savings and loan association, credit union or any other lending institution which regularly accepts deposits from New Jerse…

17:4-9.1 "Successor company" includes "successor bank, savings bank"; "predecessor company" includes "liquidating company" or "predecessor savings bank." 1. For purposes of this section, the term "successor company" includes "successor bank" or "successor savings bank"; and the t…

17:6-53.1. Veterans' loans as legal investments Every savings bank, including any savings bank organized under a special charter as a stock company previous to March eighth, one thousand eight hundred and seventy-seven, may invest moneys deposited with it in: (a) Veterans' loans …

17:6-53.2. Mortgages securing veterans' loans not subject to s.s. 17:6-55, 17:6-59 In case a mortgage on real or personal property is taken as security for any such loan, it shall not be subject to the provisions of sections 17:6-55 or 17:6-59 of the Revised Statutes; provided, h…

17:6-59.1. Legality of investments; sale of exchanged securities a. The board of managers, in determining whether any bond, debenture, other security or investment meets the requirements as to the legality of investment therein, may rely and be fully protected in relying upon sta…

17:9-41 Definitions. 1. In this act, unless the context otherwise requires: "Adequately capitalized" means, with respect to a public depository, "adequately capitalized" as the term is defined in subsection (b) of section 38 of the "Federal Deposit Insurance Act," Pub.L.81-797 (1…

17:9-42 Security requirement for public depositories. 2. The receipt and holding of public funds on deposit by a public depository is a voluntary activity undertaken by that depository. However, no governmental unit shall deposit public funds in a public depository unless such fu…

17:9-43 Powers of commissioner. 3. The commissioner shall have power: a. To require any public depository to furnish financial information on a quarterly basis, due on the same day as the due date for filing a call report on a depository's overall condition under federal or state…

17:9-43.1 Eligible collateral requirement for certain public funds. 3. a. (1) Except as set forth in subsection b. of this section concerning extraordinary amounts of public funds on deposit, every public depository having public funds on deposit therein that are not insured by t…

17:9-43.2 Designation of nonprofit organization as recipient of funds. 5. a. Within six months of the effective date of this section, the Department of Education, in consultation with the Department of Banking and Insurance, shall designate a nonprofit corporation, organized unde…

17:9-44 Amount of collateral required as security; exceptions. 4. a. (1) No public depository, notwithstanding the collateral requirements set forth under section 3 of P.L.2009, c.326 (C.17:9-43.1), shall be required to maintain any eligible collateral pursuant to this act as sec…

17:9-45 Proceedings after determination of default; pro rata distribution of collateral; assessment of other public depositories for deficiency. 5. When the commissioner determines that an event of default has occurred, he shall proceed in the following manner: a. Within 20 days …

17:9-46. Distribution of proceeds of liquidation of defaulting depository Upon payment to a governmental unit, the commissioner shall be subrogated to all of such governmental unit's right, title and interest against the defaulting depository. All sums received from any distribut…

17:9-47 Operative date. 7. The provisions of this act shall become operative on December 1, 1970, but the commissioner may issue appropriate regulations in advance thereof. The provisions of P.L.2009, c.326 (C.17:9-43.1 et al.), amending and supplementing the "Governmental Unit D…

17:9-48. Short title This act shall be known and may be cited as the "Governmental Unit Deposit Protection Act." L.1970, c. 236, s. 8, eff. Oct. 27, 1970.

17:9-9. Depositories for public moneys; designation; effect upon officers liability Any administrative board, commission, department, public official, sinking fund commission, district or other public agency of the state or of any political subdivision thereof, charged with the c…

17:9A-1. Definitions 1. As used in this act, and except as otherwise expressly provided in this act: (1) "Bank" shall include the following: (a) Every corporation heretofore organized pursuant to the act entitled "An act concerning banks and banking (Revision of 1899)," approved …

17:9A-10. Hearing on application for charter; notice and publication If the commissioner shall find that the certificate of incorporation and the affidavit specified in section 9 comply with the requirements of this act, he shall designate a time and a place for a hearing upon th…