New Jersey § 17:3b-7
Full text of New Jersey New Jersey Statutes § 17:3b-7, with citation guidance and answers to common questions.
§ 17:3b-7.
Notwithstanding the provisions of R.S. 31:1-1 , a lender may, subject to the criminal usury provisions of N.J.S. 2C:21-19 , charge and collect interest under a revolving credit plan on outstanding unpaid
indebtedness in the borrower's account under the plan at daily, weekly, monthly, annual
or other periodic percentage rates as the agreement governing the plan provides or
as established in the manner provided in the agreement governing the plan. If the applicable periodic percentage rate under the agreement governing the plan
is other than daily, interest may be calculated on an amount not in excess of the
average of outstanding unpaid indebtedness for the applicable billing period, determined
by dividing the total of the amounts of outstanding unpaid indebtedness for each day
in the applicable billing period by the number of days in the billing period. If the applicable periodic percentage rate under the agreement governing the plan
is monthly, a billing period shall be deemed to be a month or monthly if the last
day of each billing period is on the same day of each month or does not vary by more
than four days therefrom. Nothing in this section shall be construed to authorize the charging of interest on
the amount of any accrued interest remaining unpaid on the account.
Frequently Asked Questions About New Jersey § 17:3b-7
What does New Jersey Statutes § 17:3b-7 cover?
Section 17:3b-7 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-7?
A common citation format is "New Jersey Statutes § 17:3b-7" (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-7 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.