New Jersey § 17:9a-59

§ 17:9a-59.

A. For each billing cycle at the end of which there is an outstanding balance on any

advance loan made pursuant to a particular advance loan contract, the bank shall render

a statement to the borrower which shall show, with respect to all advance loans made

pursuant to such contract: (a) The aggregate balance outstanding on all advance loans at the beginning of the

billing cycle; (b) The amount and date of each advance loan made during such cycle; (c) The amount of the payments on such loan received by the bank during such cycle; (d) The amount of all charges made by the bank during such cycle, specifying the nature

of each charge; provided that, when there is more than one charge in any category

of charges, an aggregate amount may be shown for each such category; (e) The amount upon which the interest was computed for such cycle; (f) The aggregate balance owing on all advance loans at the end of such cycle; (g) The amount required to be paid to keep the borrower's account current; and (h) The date by which or the period, if any, within which payment must be made. Such statement shall contain a notice set in conspicuous type in form as follows:

“This statement represents an accounting between the bank and you. If there is an error in it, call it to the bank's attention promptly in writing. Failure to do so within 3 months from the date of this statement may bar your right

to have the error corrected.” If the notice is placed on the reverse side of the statement, the face of the statement

shall bear the following legend in conspicuous type: “See the reverse side of this

statement for an important notice in respect to your rights.” or “NOTICE: See reverse

side for important information.” “Conspicuous type” as used herein means type which affords notice in compliance with

applicable Federal truth-in-lending statutes and regulations. B. If, pursuant to an advance loan contract, more than one type of advance loan may

be made to a borrower, separate statements may, in the bank's discretion, be rendered

by the bank to the borrower in respect to all advance loans of the same type, or a

single statement may be rendered in respect to all advance loans made pursuant to

such contract regardless of type. The bank may, at its option, use different billing cycles for different types of

advance loans made to a borrower. For the purposes of this act, advance loans made pursuant to a particular advance

loan contract shall be treated as separate types from those made pursuant to another

advance loan contract. C. If two or more persons are authorized to borrow under the same advance loan contract,

the contract may designate one of such persons as the one to whom statements shall

be rendered. In the absence of such a designation, statements shall be rendered to each of such

persons, except that a single statement may be rendered to all such persons who have

the same address. D. The rendering of a statement by a bank to an advance loan borrower pursuant to

this section shall constitute an accounting by the bank to all borrowers under the

same advance loan contract. Such accounting shall, after 3 months from its rendition, be conclusively presumed

to be correct, and the borrower or borrowers and all those claiming through him or

them shall thereafter be barred from questioning it for any cause, unless, before

the expiration of the 3- month period, a borrower, or someone claiming through him

gives notice by certified mail to the bank questioning the correctness of the accounting. When such notice is given, the accounting shall, after the lapse of 1 year from

the date on which such notice is given, be conclusively presumed to be correct, and

the borrower or borrowers and all those claiming under him or them shall thereafter

be barred from questioning it for any cause, unless, within such 1-year period, an

action is begun by a borrower or someone claiming through him in which the correctness

of the account may be determined.