New Jersey Statutes
§ 17:11C-35 — Limits on closed-end consumer loans
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
35.
a.No closed-end consumer loan in an amount of $1,000 or less shall be made for a greater period of time than 36 months and 15 days.
b.No closed-end consumer loan in an amount in excess of $1,000, but not exceeding $2,500, shall be made for a greater period of time than 48 months and 15 days.
c.No closed-end consumer loan in an amount in excess of $2,500, but not exceeding $5,000, shall be made for a greater period of time than 60 months and 15 days.
d.No closed-end consumer loan in an amount in excess of $5,000, but not exceeding $10,000, shall be made for a greater period of time than 84 months and 15 days.
e.No closed-end consumer loan in an amount in excess of $10,000 shall be made for a greater period of time than 120 months and 15 days. L.1996,c.157,s.35.
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Nearby Sections
15
§ 17:11C-1
Short title amended.§ 17:11C-11
Issuance, surrender, expiration of license.§ 17:11C-12
Approval of transfer, sale.§ 17:11C-16
Net worth requirements for consumer lenders§ 17:11C-17
Change of address notice.§ 17:11C-18
Commissioner's authority relative to issuance, revocation, oversight of licenses, enforcement.§ 17:11C-2
Definitions regarding licensed lenders.§ 17:11C-21
Purchase of insurance by borrowers.§ 17:11C-35
Limits on closed-end consumer loans