New Jersey Statutes
§ 17:11C-77 — Open-end loan permitted, certain circumstances, interest rates.
New Jersey·Title 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
27.Notwithstanding the provisions of R.S.31:1-1 or any other law to the contrary, and subject to all applicable provisions of this act, a licensed residential mortgage lender shall have authority to make an open-end, secondary mortgage loan upon the same terms and conditions permitted to banks, savings banks, and savings and loan associations pursuant to State and federal statutes and regulations promulgated thereunder, and may charge, contract for, and receive thereon, interest at an annual percentage rate agreed to by the licensee and the borrower, provided however, that with respect to fees and other charges permitted in connection with the open-end loan, the licensee shall be subject to the provisions of this act. L.2009, c.53, s.27.
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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