New Jersey § 43:16a-16
Full text of New Jersey New Jersey Statutes § 43:16a-16, with citation guidance and answers to common questions.
§ 43:16a-16.
a. Upon application of a member for a mortgage loan the director shall, within 90
days, make available to the New Jersey Housing and Mortgage Finance Agency sufficient
funds to provide mortgage loans in accordance with the provisions of this act, except
that no mortgage loan shall be made at any time when the total of all principal balances
owing on mortgage loans made pursuant to this act, less all write-offs and reserves
with respect to these mortgage loans, together exceeds, or by the making of the loan
would exceed, 10% of the total investment assets, including mortgage loans, of the
retirement system. Every mortgage loan made hereunder shall be evidenced by a note or bond and shall
be secured by a mortgage on the fee of real property located within this State. Every mortgage shall be certified to be a first lien by an attorney-at-law of this
State or certified or guaranteed to be a first lien by a corporation authorized to
guarantee titles to land in this State. For the purposes of this section, a mortgage shall be deemed to be a first lien,
notwithstanding the existence of a lien for current taxes or assessments not due or
payable at the time the loan is made, and notwithstanding the existence of leases,
building restrictions, easements, encroachments, or covenants which do not materially
lessen the value of the real property to be mortgaged. b. Pursuant to rules established by the State Treasurer, with the advice of the New
Jersey Housing and Mortgage Finance Agency, no mortgage loan shall be made under this
act except upon a written certification signed by at least two persons appointed or
retained by the appraisers. In the case of a mortgage loan secured by a mortgage upon real property, such certification
shall state the opinion of such persons as to the value of the land and the improvements
thereon or to be erected thereon and the character of such improvements. Such certification shall be filed with the records of the retirement system and
shall be preserved until the retirement system has no interest, as mortgagee or otherwise,
in the real property. c. No mortgage loan secured by a mortgage on real property shall be made unless the
property shall consist of improved real property, or unimproved real property if the
proceeds of such loan shall be used for the purposes of erecting improvements thereon.
Frequently Asked Questions About New Jersey § 43:16a-16
What does New Jersey Statutes § 43:16a-16 cover?
Section 43:16a-16 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 § 43:16a-16?
A common citation format is "New Jersey Statutes § 43:16a-16" (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 § 43:16a-16 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.