2018 New Jersey Revised Statutes
Chapter 1 - Contract rate; rate on mortgages on dwellings and other loans; computation of interest or discount; determination of rates
Section 31:1-1.1 - Loans; rate of interest; regulations; exceptions

Universal Citation: NJ Rev Stat § 31:1-1.1 (2018)

Section: 31:1-1.1: Loans; rate of interest; regulations; exceptions

Notwithstanding any provisions of R.S. 31:1-1 to the contrary, the commissioner may by regulation establish a rate of interest which may be charged by any person on loans made by them equal to the rate allowed by Federal law or regulation to be charged by national banking associations at any time when the rate so allowed by Federal law exceeds 8\% per annum. Nothing herein shall authorize any person to make any loan which he is not authorized by law to make, nor shall anything in this act apply to loans secured by a first lien on real estate on which there is erected or to be erected a structure containing one, two, three, four, five or six dwelling units, a portion of which structure may also be used for nonresidential purposes.

Where in any other law a rate of interest applicable to loans regulated by this section is referred to as that established by R.S. 31:1-1, the rate applicable shall be as established herein.

L.1979, c. 156, s. 1, eff. July 19, 1979.

Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.