17:12B-168 - Limitations on amounts of real estate loans and investments - New Jersey Statutes

17:12B-168.  Limitations on amounts of real estate loans and investments


168.  Limitations on amounts of real estate loans and investments.

No State association shall make loans or extensions of credit in an amount greater than that permitted for banks and savings banks pursuant to sections 60 through 63 of P.L.1948, c.67 (C.17:9A-60 through 17:9A-63).

Notwithstanding the above limits, the commissioner may adopt, amend, alter or rescind regulations permitting associations to make loans for a greater amount or to increase the percentage limitation hereinabove set forth.  The commissioner may give consideration to the size of the association, its reserves and current economic conditions in issuing such regulations.  Any loans or investments legally made under the provisions of regulations adopted under the authority granted by this section shall be legal loans or investments  if they conform with the regulations in effect at the date of closing or  purchase of said loan or investment, notwithstanding the subsequent amendments,  alterations, rescissions or repeals of the regulations in effect at the date of  such closing or purchase.

L.1963,c.144,s.168; amended 1969, c.231, s.4; 1981, c.101, s.17; 1997, c.33, s.30.