New Jersey § 38:23b-12

§ 38:23b-12.

Each loan to finance the purchase of household furnishings or household appliances,

or both, made under this act 1 shall: a. Be evidenced by a note or notes or other obligation approved by the commissioner. b. Bear interest at a rate not exceeding four per centum (4%) per annum upon the unpaid

balance. c. Be payable in monthly or quarterly installments of principal and interest, the

first of which shall be payable not less than three months after the making of the

loan and the last of which shall be payable not exceeding two years from the date

of the obligation; except, however, that any veteran at his option, may, on such

form as the commissioner shall prescribe, waive the grace period, or any part thereof,

herein provided him for the payment of the first installment of principal and interest. d. Be secured only by the personal liability of the maker, and not by any endorsers,

comakers, collateral or other security; except that a lien on the property purchased

with the proceeds of the loan shall be required, and, in accordance with such rules

and regulations as prescribed by the commissioner, where the maker is married endorsement

of the spouse may be required. 1

N.J.S.A. §§ 38:23B-1 to 38:23B-23.