N.J.S.A. 17:3B-23 — Closed end loan prohibitions

17:3B-23. Closed end loan prohibitions Closed end loan prohibitions. No closed end loan agreement shall contain: a. An acceleration clause under which any part or all of the balance, not yet matured, may be declared immediately due and payable because the lender deems himself to be insecure, which provision shall be void and unenforceable; b. A provision whereby the borrower waives any right of action or defense against the lender or other person acting on his behalf for any illegal act committed in the collection of the payments under the agreement, which provision shall be void and unenforceable; and c. A power of attorney to confess judgment or any other power of attorney, which provision shall be void and unenforceable. L. 1985, c. 81, s. 20, eff. March 14, 1985.

This is the verbatim text of N.J.S.A. 17:3B-23, 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.