New Jersey Statutes 46:10B-14. Use for dwelling units; limits on interest
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Terms Used In New Jersey Statutes 46:10B-14
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
Graduated payment mortgages may be secured only by real estate on which there is erected or to be erected a structure containing one, two, three, four, five, or six dwelling units, a portion of which structure may be used for non-residential purposes, and interest thereon shall not exceed the usury rate established pursuant to R.S. 31:1-1 at any time during the term of the mortgage.
L.1979, c. 139, s. 3, eff. July 6, 1979.