17:9A-59.16 - Guarantee of payment - New Jersey Statutes

17:9A-59.16.  Guarantee of payment
    A bank which enters into a contract with a borrower to make advance loans pursuant to the act of which this act is amendatory and supplementary may contract with merchants to guarantee to them the payment of checks which are drawn on it by advance loan borrowers.  A guarantee so made shall not be deemed  to be a violation of section 213.1 of  "An Act concerning banking and banking  institutions"  (Revision of 1948), approved April 29, 1948 (P.L.1948, c. 67).

     L.1968, c. 64, s. 14.  Amended by L.1981, c. 37, s. 11, eff. Feb. 12, 1981.