N.J.S.A. 17:3B-12 — Loans under a revolving credit plan

17:3B-12. Loans under a revolving credit plan 9. Loans under a revolving credit plan. If the agreement governing the revolving credit plan so provides, a lender may: a. Take personal or real property, or both, as security on a loan made under a revolving credit plan; b. Require that any property securing the loan be insured for the benefit of the lender against loss or damage of the security, and retain out of the proceeds of the loan the premium for the insurance; c. Require that all taxes, assessments and other governmental charges against property securing the loan be paid when due and that the security be maintained free of all executions, levies, encumbrances, and other charges which may adversely affect the value of the lender's interest in the security; d. Charge and collect fees and charges, in addition to interest and fees and charges specifically permitted by P.L.1985, c.81 (C.17:3B-4 et seq.), in amounts as provided in the agreement or as established in the manner the agreement provides, such as, but not limited to, minimum charges, annual fees, check charges, maintenance charges, and late charges, except as may be specifically limited by P.L.1985, c.81 (C.17:3B-4 et seq.); e. On a secured loan, charge and collect the actual costs of filing or recording the instrument of security, or notice or abstract thereof, if the filing or recording is authorized by law. L.1985,c.81,s.9; amended 1997, c.12, s.2; 1997,c.33, s.3.

This is the verbatim text of N.J.S.A. 17:3B-12, 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.