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Can you summarize NJST 17:3B-29?
Findings, declarations relative to bank revolving credit plans
Short Summary
This legal document pertains to bank revolving credit plans. It begins by stating that the interest charged by issuers of bank credit cards may depend on the laws of the state where the bank is chartered or has its principal office. The document highlights that national bank issuers can export the rate of interest allowed in their home state to other states. It also mentions that related charges are considered part of the exportable rate of interest. The purpose of this document is to simplify State law regarding interest on bank credit cards and make New Jersey equally attractive for the location of bank credit card operations. Additionally, it aims to level the playing field for New Jersey-based banks by applying the rules to all revolving credit plans entered into before and after the effective date of this act. The document references the disputes surrounding revolving credit plans and the advice given to New Jersey-based banks by the New Jersey Department of Banking and Insurance. However, no specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Issuers of bank credit cards, national and state banks
What does it govern?
Bank revolving credit plans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey