N.J.S.A. 46:10B-11.1

Discount points deemed interest on loan

46:10B-11.1. Discount points deemed interest on loan Discount points paid by the buyer or seller in connection with a mortgage loan on a one-to-six family dwelling, occupied or to be occupied by the owner shall be deemed to be interest charged on the loan. For the purposes of this section, "discount point" shall mean an amount of money equal to 1% of the principal amount of the loan and payable at closing. L.1981, c. 103, s. 19, eff. March 31, 1981.

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This is the verbatim text of N.J.S.A. 46:10B-11.1, 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.