New Jersey § 17:9a-70
Full text of New Jersey New Jersey Statutes § 17:9a-70, with citation guidance and answers to common questions.
§ 17:9a-70.
When a banking institution makes a loan pursuant to P.L.1948, c. 67 ( C. 17:9A-1 et seq. ), P.L.1985, c. 81 ( C. 17:3B-4 et seq. ), or any other law or regulation authorizing the loan , the banking institution may, subject to the provisions of this act, obtain or provide credit insurance on the borrower or borrowers and, if the borrower or borrowers consent in writing to the obtaining or providing
of such insurance, the banking institution may deduct and retain from the proceeds of any such loan an amount equal to the premium
lawfully charged by the insurer issuing such insurance. If such premium charge is so deducted and retained, (a) such deduction and retention
shall not be deemed an interest or other charge or demand prohibited by the law authorizing the loan ; and (b) the banking institution shall deliver or cause to be delivered to the insured borrower at the time when a
loan is made a copy of the insurance policy, or certificate therefor, or a copy of
the application for such policy, or a notice of proposed insurance, as required by
law. Nothing in the act to which this act is a supplement or in any other law of this
State shall prohibit a banking institution , or any employee of a banking institution , from collecting the premium or identifiable charge for insurance obtained or provided
as authorized by this act, or prevent a banking institution from receiving or retaining any dividend or any other gain or advantage resulting
from such insurance.
Frequently Asked Questions About New Jersey § 17:9a-70
What does New Jersey Statutes § 17:9a-70 cover?
Section 17:9a-70 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-70?
A common citation format is "New Jersey Statutes § 17:9a-70" (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-70 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.