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

    Chapter 9a:

      Section: 17:9a-59.40: Loan to depositor in amount of and guaranteed by deposit

           Notwithstanding any other provision of law, a banking institution may contract with a depositor for the loan of money in an amount not to exceed such depositor's deposit and secured by a pledge of such deposit, upon such terms and conditions as may be mutually agreed upon between the banking institution and such depositor; provided, however, that the rate of interest charged with respect to any such loan shall not exceed the maximum permitted under the provisions of R.S. 31:1-1 or 2\% in excess of the interest rate then paid with respect to the deposit which secures such loan whichever is greater.

L.1977, c. 64, s. 1, eff. April 18, 1977.





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






Older versions of 17:9a-59.40 (if available):



Court decisions that cite this statute: CLICK HERE.