New Jersey § 17:11c-34

§ 17:11c-34.

Every consumer lender, incident to a closed-end consumer loan, shall: a. Deliver to the borrower at the time a loan is made a statement in the English language

showing in clear and distinct terms the amount and date of the loan and its maturity,

the nature of the security, if any, for the loan, the name and address of the borrower

and of the licensee, the payment schedule, the amount of interest charges, and the

annual percentage rate of interest; b. Give to any borrower who makes a payment in cash a plain and complete receipt for

all payments made on account of the loan at the time payments are made, specifying

the amount applied to interest and the amount, if any, applied to principal, and stating

the unpaid balance, if any of the loan; c. Permit payment to be made in advance in any amount on any contract of a loan at any time, but the licensee may apply the payment first to all interest in

full at the agreed rate up to the date of payment; d. Upon repayment of the loan in full, mark indelibly every obligation and security

signed by the borrower, or a copy thereof, with the word “paid” or “canceled,” and

release, or give the borrower evidence to release any mortgage, or security interest

which no longer secures an obligation to the licensee, restore any pledge, cancel

and return any note or a copy thereof, and cancel and return any assignment or a copy

thereof given to the licensee by the borrower. No consumer lender shall take any confession of judgment incident to a closed-end

consumer loan. No consumer lender shall, incident to a closed-end consumer loan take any note,

promise to pay, or security that does not accurately disclose the amount of the loan,

the date of the loan, the payment schedule, the amount of interest charges, and the

annual percentage rate of interest, nor any instrument in which blanks are left to

be filled in after the loan is made.