New Jersey § 17:3b-38
Full text of New Jersey New Jersey Statutes § 17:3b-38, with citation guidance and answers to common questions.
§ 17:3b-38.
a. A bank may request but not require an individual borrower to be insured with respect
to a revolving credit plan under a life, health, accident, health and accident or
other credit or other permissible insurance policy, whether group or individual. If an individual borrower's outstanding unpaid indebtedness under the plan is secured
by an interest in real or personal property, a bank may require the borrower to obtain
insurance, from an insurer acceptable to the bank, against loss of or damage to the
property, or against liability arising out of the ownership or use of the property,
and may finance the premiums for the insurance. b. In the case of a borrower borrowing under a revolving credit plan for other than
personal, household or family purposes, a bank may require the borrower to obtain
insurance, from an insurer acceptable to the bank, under a life, health, accident,
health and accident or other credit or other permissible insurance policy, whether
group or individual. If the borrower's outstanding unpaid indebtedness under the plan is secured by an
interest in real or personal property, the bank may require the borrower to obtain
insurance, from an insurer acceptable to the bank, against loss of or damage to the
property, or against liability arising out of the ownership or use of the property
and may finance the premiums for the insurance. c. The offer and placement of insurance under this section shall be subject in all
respects to the applicable provisions of N.J.A.C. 3:1-13.1 or 3:1-13.2 , or both.
Frequently Asked Questions About New Jersey § 17:3b-38
What does New Jersey Statutes § 17:3b-38 cover?
Section 17:3b-38 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-38?
A common citation format is "New Jersey Statutes § 17:3b-38" (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-38 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.