New Jersey § 17:3B-22 Prepayment in a closed end credit arrangement

New Jersey Statutes

§ 17:3B-22 — Prepayment in a closed end credit arrangement

New Jersey § 17:3B-22

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

This text of New Jersey § 17:3B-22 (Prepayment in a closed end credit arrangement) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17:3B-22 (2026).

Text

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.

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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.