New Jersey § 17:3b-15
Full text of New Jersey New Jersey Statutes § 17:3b-15, with citation guidance and answers to common questions.
§ 17:3b-15.
a. A lender may, if the agreement governing a revolving credit plan so provides, at
any time amend the terms of the agreement with respect to the periodic percentage
rates used to calculate interest, the method of computing the outstanding unpaid indebtedness
to which those rates are applied, and the terms of the installment repayment schedule,
subject to the limitations of subsection b. of this section. b. The lender shall notify each affected borrower of any amendment pursuant to subsection
a. by mailing or delivering to the borrower, at least 30 days before the effective
date of the amendment, a clear and conspicuous written notice which shall describe
the amendment and the existing terms of the agreement affected by the amendment and
shall also set forth the effective date of the amendment and the pertinent information
contemplated by the following provisions of this section. If the amendment has the effect of increasing the interest or other charges to be
paid by the borrower by changing the method of calculating interest or the index used
to calculate the interest, the amendment shall become effective only if the borrower uses the plan after a date specified in the notice which is at least 30 days after the giving of the notice , but which need not be the date the amendment becomes effective, by making a purchase
or obtaining a loan, or if the borrower indicates to the lender in writing the borrower's
express agreement to the amendment, and the amendment may become effective as to a
particular borrower as of the first day of the billing period during which the borrower
so used the borrower's account or so indicated agreement to the amendment. Any borrower who fails to use the borrower's account or so to indicate agreement
to an amendment shall be permitted to pay the outstanding unpaid indebtedness in the
borrower's account under the plan in accordance with the terms of the agreement governing
the plan without giving effect to the amendment . For purposes of this section a variation in periodic percentage rates of interest
in accordance with the terms of the index established in the revolving credit plan
agreement shall not be considered to be an amendment.
Frequently Asked Questions About New Jersey § 17:3b-15
What does New Jersey Statutes § 17:3b-15 cover?
Section 17:3b-15 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:3b-15?
A common citation format is "New Jersey Statutes § 17:3b-15" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:3b-15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.