Skip to main content
THIS SITE
PREVIOUS SECTION Go back to sections Go back to the chapter Go back to the N.J. Statutes homepage NEXT SECTION


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

    Chapter 3b: Truth in lending; inconsistent state provisions

      Section: 17:3b-31: Bank permitted to offer credit under revolving credit plan

          
3. A bank may, subject to any limitations on lending authority contained in its charter or otherwise imposed by law, and subject to other provisions of this act, offer and extend credit under a revolving credit plan to a borrower and in connection therewith may charge and collect periodic interest, interest charges and other charges permitted by this act and may take such security as collateral in connection therewith as may be acceptable to the bank. Without limitation of the foregoing, credit may be extended under a revolving credit plan by a bank's acquisition of obligations arising out of the honoring by a merchant, a bank or other financial institution, whether chartered or organized under the laws of this or any other state, the District of Columbia, the United States or any district, territory or possession of the United States, or any foreign country, or a government or governmental subdivision or agency, of a credit device made available to a borrower under a plan, whether directly or indirectly by means of telephone, point of sale terminal, automated teller machine or other electronic or similar device, or through the mails.

L.1996,c.137,s.3.



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






Older versions of 17:3b-31 (if available):



Court decisions that cite this statute: CLICK HERE.