N.J.S.A. 17:16C-40 — Loan of money or advance of credit to retail buyer; rate of interest

17:16C-40. Loan of money or advance of credit to retail buyer; rate of interest No retail seller, sales finance company or holder shall make any loan of money or advance of credit to a retail buyer on or in connection with any retail installment contract or retail charge account and charge, contract for or receive thereon a greater rate of interest than he would otherwise be permitted by law to charge except in accordance with the provisions of this act; provided, however, that nothing contained in this section shall prohibit a banking institution from making any loan which it otherwise is permitted by law to make. L.1960, c. 40, p. 156, s. 40. Amended by L.1971, c. 409, s. 11.

This is the verbatim text of N.J.S.A. 17:16C-40, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.