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2017 New Jersey Revised Statutes
TITLE 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:16V-8 - Fiduciary relationship not imposed.
Universal Citation: NJ Rev Stat § 17:16V-8 (2017)
17:16V-8 Fiduciary relationship not imposed.
8. Neither this act nor the purchase of collateral protection insurance nor receipt of commission or other consideration by the creditor shall impose a fiduciary relationship between the creditor and debtor. Placement of collateral protection insurance is for the purpose of protection of the interest of the creditor when the debtor fails to insure collateral as required by the credit transaction agreement.
L.1999,c.44,s.8.
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