46:10B-10 - Interest rate; points - New Jersey Statutes

46:10B-10.  Interest rate;  points
    Except as otherwise provided by law, no mortgage loan shall be made at an interest rate in excess of the rate authorized by section 31:1-1 of the Revised  Statutes.  The charging of points in connection with a mortgage loan is  prohibited.  For the purposes of this act,  "points"  means an amount of money  or other consideration paid for the making of a mortgage loan, other than  interest payable pursuant to the terms of the mortgage loan, but does not  include any such sum paid pursuant to a statute of this State or of the United  States, nor does it include reasonable expenses and charges.

     L.1968, c. 54, s. 10, eff. June 6, 1968.