38:23B-19 - Second loans - New Jersey Statutes

38:23B-19.  Second loans
    For either one of the purposes set forth in section one of this act, no veteran shall accept more than one loan under the provisions of this act, regardless of the amount of such loan, except that a veteran who has received a  veteran's loan for less than the maximum amount of the loan to which he may be  entitled for such purpose under this act, and who is otherwise eligible for a  veteran's loan, may apply for and receive a second veteran's loan for such  purpose.  In such application the veteran shall disclose that it is for a  second veteran's loan for such purpose, and the bank making such loan shall make certain that any unpaid portion of the first loan is paid in full, both as  to principal and interest, from the proceeds of such second veteran's loan.  In  no event shall any veteran receive more than four veterans' loans under the  provisions of this act, of which not more than two, totalling not more than  three thousand dollars ($3,000.00), shall be for the purpose of establishing or  re-establishing himself in a business or profession, and not more than two,  totalling not more than one thousand dollars ($1,000.00) shall be for the  purpose of financing the purchase of specific household furnishings or  household appliances, or both, required by him for use in his home.

     L.1944, c. 126, p. 349, s. 19.  Amended by L.1946, c. 121, p. 568, s. 17.