New Jersey § 17:3b-8
Full text of New Jersey New Jersey Statutes § 17:3b-8, with citation guidance and answers to common questions.
§ 17:3b-8.
If the agreement governing the revolving credit plan provides that the periodic percentage rates of interest under the plan may increase or decrease , the increase or decrease shall take place only in correspondence with the movement of the market interest rate index specified in
the revolving credit plan agreement, which index shall be readily verifiable by the
borrower and beyond the control of the lender. Periodic percentage rate increases, based on a rise in the interest rate index,
may be made at the option of the lender. Periodic percentage rate decreases shall be made whenever there is a decrease in
the interest rate index which results in an interest rate which is less than the interest
rate then applicable to the note or loan, except that the revolving credit plan agreement
may stipulate a percentage decrease in the interest rate index below which a corresponding
decrease in the periodic percentage rate need not be made by the lender, provided
that the index decrement shall be the same as the index increment used for interest
rate increases. Interest rate increases may, and interest rate decreases shall, apply to all outstanding
unpaid indebtedness under the plan on or after the effective date of the rate variation,
as provided in the plan agreement.
Frequently Asked Questions About New Jersey § 17:3b-8
What does New Jersey Statutes § 17:3b-8 cover?
Section 17:3b-8 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-8?
A common citation format is "New Jersey Statutes § 17:3b-8" (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-8 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.