17:9A-59.3 - Authorization as evidence of loan - New Jersey Statutes

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.