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2020 New Jersey Revised Statutes
Title 17 - Corporations and Institutions for Finance and Insurance
Section 17:9A-53.6 - Limitation on duration of loan
Universal Citation: NJ Rev Stat § 17:9A-53.6 (2020)
17:9A-53.6. Limitation on duration of loan
No banking institution shall make an educational loan, or an advance on an educational loan which is disbursed in more than one advance, which is repayable in more than 7 years. For the purposes of this section an educational loan shall be deemed to be made each time an advance is made thereon.
L.1975, c. 287, s. 5, eff. Jan. 12, 1976.
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