38:23B-9.1 - Approval of application for loan to purchase household furnishings - New Jersey Statutes

38:23B-9.1.  Approval of application for loan to purchase household furnishings
    Any application for a loan to finance the purchase of household furnishings  or household appliances, or both, made under this act shall be submitted to the  commissioner for his approval.  The commissioner shall approve the application  only if he finds that:

    a.  The purpose of the loan is to finance the purchase by the applicant of specific household furnishings or household appliances, or both;  and

    b.  Such household property is required by the applicant for use in his home;  and

    c.  The amount of the loan would not exceed the maximum amount reasonably necessary to purchase such household property or one thousand dollars ($1,000.00), whichever is less;  and

    d.  The conditions under which the applicant proposes to finance the purchase of such household property are reasonably favorable for the successful  liquidation of the loan.

     L.1946, c. 121, p. 563, s. 8.