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Can you summarize NJST 17:3B-5?
Definitions
Short Summary
This legal document provides definitions for various terms used in the context of credit and lending. It governs the terms and concepts related to borrowers, closed end credit, credit devices, lenders, loans, notes or loan agreements, outstanding unpaid indebtedness, purchases, revolving credit plans, and periodic percentage rates. The document applies to natural persons obtaining credit for personal, family, or household purposes, as well as lenders such as banking institutions, federally chartered savings banks, and associations. It does not mention any specific exemptions or penalties. The definitions provided in this document serve as a foundation for understanding and interpreting credit and lending-related laws and regulations.
Whom does it apply to?
Natural persons obtaining credit for personal, family or household purposes, Lenders
What does it govern?
Borrower, Closed end credit, Credit device, Lender, Loan, Note or loan agreement, Outstanding unpaid indebtedness, Purchases, Revolving credit plan, Periodic percentage rate
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey