New Jersey § 17:3B-23 Closed end loan prohibitions

New Jersey Statutes

§ 17:3B-23 — Closed end loan prohibitions

New Jersey § 17:3B-23

Title 17CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

This text of New Jersey § 17:3B-23 (Closed end loan prohibitions) 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-23 (2026).

Text

Closed end loan prohibitions. No closed end loan agreement shall contain: a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the lender deems himself to be insecure, which provision shall be void and unenforceable; b. A provision whereby the borrower waives any right of action or defense against the lender or other person acting on his behalf for any illegal act committed in the collection of the payments under the agreement, which provision shall be void and unenforceable; and c. A power of attorney to confess judgment or any other power of attorney, which provision shall be void and unenforceable. L. 1985, c. 81, s. 20, eff. March 14, 1985.

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Closed end loan prohibitions. No closed end loan agreement shall contain: a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the lender deems himself to be insecure, which provision shall be void and unenforceable; b. A provision whereby the borrower waives any right of action or defense against the lender or other person acting on his behalf for any illegal act committed in the collection of the payments under the agreement, which provision shall be void and unenforceable; and c. A power of attorney to confess judgment or any other power of attorney, which provision shall be void and unenforceable. L. 1985, c. 81, s. 20, eff. March 14, 1985.