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Section 17:9A-59.3 - Authorization as evidence of loan

NJ Rev Stat § 17:9A-59.3 (2019) (N/A)
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17:9A-59.3. Authorization as evidence of loan

Each authorization made by an advance loan borrower, evidenced in any manner provided in a contract between the bank and such borrower, and honored by the bank as provided in section 1 of this act shall be evidence of a loan made by the bank to the advance loan borrower in the amount advanced by the bank. Each authorization so honored shall constitute an advance loan, and the date on which the bank honors the authorization shall be the date of the advance loan.

L.1959, c. 91, p. 224, s. 3. Amended by L.1968, c. 64, s. 3; L.1981, c. 37, s. 3, eff. Feb. 12, 1981.

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Section 17:9A-59.2 - Written contract; necessity; effective date; contents
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Section 17:9A-59.4 - Statement to borrower; contents