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

    Chapter 3b: Truth in lending; inconsistent state provisions

      Section: 17:3b-23: Closed end loan prohibitions

           Closed end loan prohibitions. No closed end loan agreement shall contain:

a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the lender deems himself to be insecure, which provision shall be void and unenforceable;

b. A provision whereby the borrower waives any right of action or defense against the lender or other person acting on his behalf for any illegal act committed in the collection of the payments under the agreement, which provision shall be void and unenforceable; and

c. A power of attorney to confess judgment or any other power of attorney, which provision shall be void and unenforceable.

L. 1985, c. 81, s. 20, eff. March 14, 1985.



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






Older versions of 17:3b-23 (if available):



Court decisions that cite this statute: CLICK HERE.