N.J. Admin. Code § 3:1-1.2
Notwithstanding any provisions of 31:1-1 or 3:1-1.1 and except as otherwise provided by law, any person may charge a rate of interest on any loan which rate does not exceed one percent in excess of the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank of New York on the date of the loan, at any time when that discount rate exceeds seven percent. Nothing in this subsection shall authorize any person to make any loan which is not authorized by law, nor shall anything in this subsection apply to loans secured by a first lien on real estate on which there is erected or to be erected a structure containing one, two, three, four, five or six dwelling units, a portion of which structure may also be used for non-residential purposes. Additionally, nothing in this subsection (a) shall be applicable to the exceptions contained in 31:1-1(e) and 3:1-1.1(c).
N.J. Admin. Code § 3:1-1.2
See: 11 New Jersey Register 429(b).
Readoption: R.1984 d.397, filed August 16, 1984.
See: 16 New Jersey Register 1642(a), 16 New Jersey Register 2356(a).
Amended by R.2001 d.112, effective 4/2/2001.
See: 33 New Jersey Register 213(a), 33 New Jersey Register 1087(a).
Rewrote the section.