New Jersey § 34:1b-51
Full text of New Jersey New Jersey Statutes § 34:1b-51, with citation guidance and answers to common questions.
§ 34:1b-51.
a. The authority may make long-term or short-term loans or other extensions of credit
to eligible businesses under terms and conditions established by the authority. The authority shall establish uniform underwriting standards for loans and other
extensions of credit, which shall include minimum equity requirements, and the use
by the businesses of an approved accounting system. The authority may, either as a condition of granting the loan or at any time during
the term of the loan, and in conjunction with the Commissioner of the Department of
Commerce and Economic Development, require the use by the businesses of technical
assistance approved by it. b. The authority may cooperate with the New Jersey Economic Development Authority
and the federal Small Business Administration in arranging assistance for eligible
businesses or may participate with these agencies in providing loans or other extensions
of credit to eligible businesses. c. The authority may contract with any depository institution to maintain a portion
of its funds on deposit for a specified period of time at a specified rate of interest
as part of an arrangement whereby the depository institution agrees to make loans
or other extensions of credit to eligible businesses, except that the compensating
balance so deposited shall not be treated as a guarantee.
Frequently Asked Questions About New Jersey § 34:1b-51
What does New Jersey Statutes § 34:1b-51 cover?
Section 34:1b-51 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 § 34:1b-51?
A common citation format is "New Jersey Statutes § 34:1b-51" (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 § 34:1b-51 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.