18A:71C-4 - Federal loan evidenced by note; interest rate; method of payment; security - New Jersey Statutes

18A:71C-4  Federal loan evidenced by note; interest rate; method of payment; security.

18A:71C-4.  Federal Loan Evidenced by Note; Interest Rate; Method of Payment; Security.

Each federal loan made under this article shall:

a.be evidenced by a note or other obligation approved by the authority;

b.bear interest at a rate not exceeding the maximum percentage per annum permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations;

c.be payable in such manner or in such installments as permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations; and

d.be secured only by the personal liability of the maker, and not by any endorsers, co-maker's collateral, or other security, except as may be permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations.

L.1999,c.46,s.1.