New Jersey Statutes 18A:71C-4. Federal loan evidenced by note; interest rate; method of payment; security
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Terms Used In New Jersey Statutes 18A:71C-4
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
18A:71C-4. Federal Loan Evidenced by Note; Interest Rate; Method of Payment; Security.
Each federal loan made under this article shall:
a. be evidenced by a note or other obligation approved by the authority;
b. bear interest at a rate not exceeding the maximum percentage per annum permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations;
c. be payable in such manner or in such installments as permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations; and
d. be secured only by the personal liability of the maker, and not by any endorsers, co-maker’s collateral, or other security, except as may be permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations.
L.1999,c.46,s.1.