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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-22: Prepayment in a closed end credit arrangement
Prepayment in a closed end credit arrangement a. An individual borrower may prepay a loan in full at any time without payment of any prepayment charge.
b. If a borrower wishes to prepay a loan, a lender shall not use the "rule of 78's" to calculate the amount of interest owed by the borrower. The lender shall use a simple interest basis to calculate the amount of interest owed by the borrower.
L. 1985, c. 81, s. 19, eff. March 14, 1985.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17:3b-22 (if available):
Court decisions that cite this statute:
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