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Nj Usury and Regulations
Summary of the latest Jersey Usury Law(s) / Quote: “Legal: 6% / Contract: 16% / Judgment: No particular provisions / Corporate: No specified price”
Nj-new Jersey Usury Law Information:
Legal optimum Interest Rates: Quote: “6% or as much as 16% for agreement (В§31:1-1); loans more than 30% or 50% in restricted obligation to corporations are not allowed (В§2C:21-19)”
Usury Penalties: Quote: “just amount lent could be restored (В§31:1-3); accountable of unlawful usury or more to $250,000 fine (В§2C:21-19)”
Appropriate Exceptions: Quote: “Loan for more than $50,000; cost cost savings and loans; banks; Department of Housing and Urban Affairs as well as other companies authorized because of the crisis Home Finance Act of 1970; state or government that is federal quasi-governmental companies (В§31:1-1)”