New Jersey § 17:11c-81
Full text of New Jersey New Jersey Statutes § 17:11c-81, with citation guidance and answers to common questions.
§ 17:11c-81.
a. If a residential mortgage lender charges or collects interest, costs or other charges
on a secondary mortgage loan in excess of those permitted by this act, the licensee
may collect only the principal amount of the loan, and may not collect interest, costs
or other charges with respect to the loan. In addition, a licensee who knowingly and willfully violates any provision of this
act shall also forfeit to the borrower three times any amount of the interest, costs
or other charges collected in excess of that authorized by law. b. The licensee shall have no liability on a secondary mortgage loan for an unintentional
error if within 90 days after discovering the error the licensee notifies the borrower
of the error and makes adjustments in the account as necessary to assure that the
borrower will not be required to pay any interest, costs or other charges which aggregate
in excess of the charges permitted under this act for secondary mortgage loans. The discovery of an unintentional error within the meaning of this section shall
include an entry of a judgment by a court of competent jurisdiction, holding that
a rule or regulation with which the licensee acted in conformity was invalid or in
violation of this act, and the licensee shall have no liability for that unintentional
error if the licensee takes the actions required upon discovery of the error pursuant
to this section, within the time stated therein following entry of the judgment.
Frequently Asked Questions About New Jersey § 17:11c-81
What does New Jersey Statutes § 17:11c-81 cover?
Section 17:11c-81 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 § 17:11c-81?
A common citation format is "New Jersey Statutes § 17:11c-81" (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 § 17:11c-81 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.