New Jersey Statutes
§ 17:3B-22 — Prepayment in a closed end credit arrangement
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
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 "rule of 78's" to calculate the amount of interest owed by the borrower. The lender shall use a simple interest basis to calculate the amount of interest owed by the borrower. L. 1985, c. 81, s. 19, eff. March 14, 1985.
Free access — add to your briefcase to read the full text and ask questions with AI
New Jersey § 17:3B-22 (Prepayment in a closed end credit arrangement) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Nearby Sections
15
§ 17:3B-10
Overdraft accounts§ 17:3B-11
Omitted installments§ 17:3B-12
Loans under a revolving credit plan§ 17:3B-13
Revolving credit plan prohibitions§ 17:3B-14
Collection costs§ 17:3B-15
Changes in terms§ 17:3B-16
Extension of closed end credit§ 17:3B-17
Interest§ 17:3B-18
Periodic percentage rates§ 17:3B-19
Additional charges.§ 17:3B-20
Deferred installments§ 17:3B-21
Insurance