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 31:1-3 - Forfeiture of all interest; deduction from recovery

Universal Citation: NJ Rev Stat § 31:1-3 (2018)

Section: 31:1-3: Forfeiture of all interest; deduction from recovery

In all actions to enforce any note, bill, bond, mortgage, contract, covenant, conveyance, or assurance, for the payment or delivery of any money, wares, merchandise, goods, or chattels lent, and on which a higher rate of interest shall be reserved or taken than was or is allowed by the law of the place where the contract was made or is to be performed, the amount or value actually lent, without interest or costs of the action, may be recovered, and no more. If any premium or illegal interest shall have been paid to the lender, the sum or sums so paid shall be deducted from the amount that may be due as aforesaid, and recovery had for the balance only.

Amended by L.1953, c. 30, p. 550, s. 2.

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