New Jersey § 17:9a-59

§ 17:9a-59.

A. The amount of the payment required to be made on advance loans made to a particular

borrower in reduction thereof shall at least equal 1 / 72 nd of the aggregate amount owing at the end of a billing cycle by such borrower on

each advance loan contract between bank and borrower. No monthly payment shall be in an amount less than $10.00 on each advance loan contract

between bank and borrower unless the amount owing at the end of a billing cycle is

less than $10.00 with respect to the particular contract, in which case the amount

of the payment shall be the amount owing. Nothing in this subsection shall be construed as preventing a bank from rendering

separate statements using different billing cycles as provided in subsection B of

section 4 of this act. 1 B. Unless the contract provides otherwise, monthly payments shall be applied in the

following order: (1) to interest; (2) to premiums on credit life or credit accident

and health insurance, or both; (3) to late charges imposed pursuant to section 7

of this act; 2 (4) to service charges imposed pursuant to section 8 of this act; 3 and (5) to principal. 1

N.J.S.A. § 17:9A-59.4. 2

N.J.S.A. § 17:9A-59.7. 3

N.J.S.A. § 17:9A-59.8.