New Jersey § 17:11c-2

§ 17:11c-2.

As used in this act: “ Billing cycle ” means the time interval between periodic billing dates. A billing cycle shall be considered monthly if the closing date of the cycle is

the same date each month or does not vary by more than four days from such date. “ Borrower ” means any individual applying for a consumer loan from a lender licensed under this act, whether or not the loan is granted, and

any individual who has actually obtained such a loan. “ Closed-end loan ” means a consumer loan which meets the requirements of section 35 of P.L.1996, c. 157 ( C.17:11C-35 ) and pursuant to which the licensee advances a specified amount of money and the

borrower agrees to repay the principal and interest in substantially equal installments

over a stated period of time. “ Commissioner ” means the Commissioner of Banking and Insurance. “ Consumer lender ” means a person licensed, or a person who should be licensed, under P.L.1996, c. 157 ( C.17:11C-1 et al.) to engage in the consumer loan business. “ Consumer loan ” means a loan of $50,000 or less made by a consumer lender, payable in one or more

installments, pursuant to the terms of P.L.1996, c. 157 ( C.17:11C-1 et al.), and not a residential mortgage loan as defined by section 3 of P.L.2009, c. 53 ( C.17:11C-53 ). “ Consumer loan business ” means the business of making loans of money, credit, goods or things in action,

which are to be used primarily for personal, family or household purposes, in the

amount or value of $50,000 or less and charging, contracting for, or receiving a greater

rate of interest, discount or consideration therefor than the lender would be permitted

by law to charge if he were not a licensee hereunder, except as authorized by this

act and without first obtaining a license from the commissioner. Any person directly or indirectly engaging in the business of soliciting or taking

applications for such loans of $50,000 or less, or in the business of negotiating

or arranging or aiding the borrower or lender in procuring or making such loans of

$50,000 or less, or in the business of buying, discounting or endorsing notes, or of furnishing, or procuring guarantee or security for compensation in amounts

of $50,000 or less, shall be deemed to be engaging in the consumer loan business. “ Controlling interest ” means ownership, control or interest of 25% or more of the licensee or applicant. “ Department ” means the Department of Banking and Insurance. “ Depository institution ” means a state or federally chartered bank, savings bank, savings and loan association,

building and loan association or credit union, irrespective of whether the entity

accepts deposits. “ Individual ” means a natural person. “ Licensee ” means a person who is licensed under this act, or who should be so licensed. “ Open-end loan ” means a consumer loan made by a consumer lender pursuant to a written agreement with the

borrower whereby: (1) The lender may permit the borrower to obtain advances of money from the lender from time to time or the lender may advance money on behalf of the borrower from time to time as directed

by the borrower; (2) The amount of each advance and permitted interest and charges are debited to the

borrower's account and payments and other credits are credited to the same account; (3) Interest is computed on the unpaid principal balance or balances of the account

from time to time; and (4) The borrower has the privilege of paying the account in full at any time or, if

the account is not in default, in monthly installments of fixed or determinable amounts

as provided in the agreement. “ Person ” means an individual, association, joint venture, partnership, limited partnership

association, limited liability company, corporation, trust, or any other group of

individuals however organized. “ Sales finance company ” shall have the meaning ascribed to that term in section 1 of P.L.1960, c. 40 ( C.17:16C-1 ).