17:16C-67 - Separate disclosure statements in contract - New Jersey Statutes

17:16C-67.  Separate disclosure statements in contract

6. (a) Every home repair contract shall state separately:

(1)  the cash price of the goods or services to be furnished;

(2)  the down payment;

(3)  the unpaid cash balance which is the difference between paragraphs (1) and (2) of this subsection (a);

(4)  the amount, if any, if a separate charge is made therefor, included for credit life insurance and other benefits pursuant to N.J.S.17B:29-1 et seq., specifying the coverages and benefits;

(5)  the official fees;

(6)  the principal balance, which is the sum of paragraphs (3), (4) and (5) of this subsection (a);

(7)  the credit service charge;

(8)  the time balance, which is the sum of paragraphs (6) and (7) of this subsection (a), the number of installments required, the amount of each installment and the due dates thereof;

(b)  In lieu of the disclosures specified in paragraphs (1) through (8) of subsection (a) of this section, a precomputed or a nonprecomputed home repair contract shall be deemed to be in compliance with the requirements of this section if the home repair contract provides the disclosures required by the federal "Truth in Lending Act," 15 U.S.C. s.1601 et seq. and the regulations implementing that act, 12 C.F.R. s.226 et seq., for open-end or closed-end loans, as applicable.

L.1960,c.41,s.6; amended 1966, c.325, s.2; 1968, c.220, s.6; 1997,c.84,s.2.