18A:71C-41 - Nullification of agreement - New Jersey Statutes

18A:71C-41  Nullification of agreement.
18A:71C-41. A program participant who has previously entered into a contract with the authority may nullify the agreement by notifying the authority in writing and reassuming full responsibility for the remaining outstanding balance of the loan debt.  In no event shall service at an approved site for less than the full calendar year of each period of service entitle the program participant to any benefits under the program.  A program participant seeking to nullify the contract before completing a second full year of service shall be required to pay 50% of the redeemed portion of indebtedness in not more than one year following nullification of the agreement.

Amended 2009, c.145, s.11.