New Jersey § 17:9a-59
Full text of New Jersey New Jersey Statutes § 17:9a-59, with citation guidance and answers to common questions.
§ 17:9a-59.
(a) Notwithstanding the provisions of R.S. 31:1-1 or any other law to the contrary, a bank may contract for and receive interest on
a small business loan calculated according to the actuarial method, at a rate or rates
agreed on by the bank and the borrower. This subsection shall not limit or restrict the manner of contracting for the interest
charge, whether by way of add-on, discount or otherwise, so long as such charge does
not exceed the limitation imposed by this section. In the case of a precomputed loan, the interest charge may be computed on the assumption
that all scheduled payments will be made when due, and all scheduled installment payments
made on a precomputed loan may be applied as if they were received on their scheduled
due dates. In the case of nonprecomputed loans, all installment payments shall be applied no
later than the next day, other than a public holiday, after the date of receipt, and
a day shall be counted as one three-hundred-sixty-fifth of a year. (b) (Deleted by amendment.)
Frequently Asked Questions About New Jersey § 17:9a-59
What does New Jersey Statutes § 17:9a-59 cover?
Section 17:9a-59 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 § 17:9a-59?
A common citation format is "New Jersey Statutes § 17:9a-59" (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 § 17:9a-59 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.