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NEW JERSEY STATUTES AND CODES
17:9A-53.8 - Disbursement in more than one advance; principal amount of loan
17:9A-53.8. Disbursement in more than one advance; principal amount of loan
When pursuant to an agreement between a banking institution and a borrower, an educational loan will be disbursed in more than one advance, the principal amount immediately following an advance shall be the amount owing on such loan immediately before such advance is made, plus the principal amount of the advance then being made.
L.1975, c. 287, s. 7, eff. Jan. 12, 1976.
When pursuant to an agreement between a banking institution and a borrower, an educational loan will be disbursed in more than one advance, the principal amount immediately following an advance shall be the amount owing on such loan immediately before such advance is made, plus the principal amount of the advance then being made.
L.1975, c. 287, s. 7, eff. Jan. 12, 1976.
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