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New Jersey Statutes, Title: 17, CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

    Chapter 16c:

      Section: 17:16c-39.1: Real property mortgage as additional security; prohibition

           No retail installment contract, retail charge account or separate instrument executed in connection therewith shall contain any provision whereby the retail seller, sales finance company or holder takes a real property mortgage as additional security in connection with a retail sale. Any such provision shall be void and unenforceable.

L.1981, c. 324, s. 2, eff. Dec. 9, 1981.



This section added to the Rutgers Database: 2013-06-10 16:36:30.






Older versions of 17:16c-39.1 (if available):



Court decisions that cite this statute: CLICK HERE.