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Can you summarize NJST Chapter 31:1?
INTEREST AND USURY >
Short Summary
This legal document authorizes and empowers counties, municipalities, school districts, bodies corporate and politic, districts or public authorities, agencies, commissions, or other public institutions created by the State, any county, or municipality to contract to pay interest on money borrowed without any limitations on the rate of interest per annum or the annual interest cost to maturity. The document overrides any other law, statute, or regulation that imposes a maximum rate of interest or annual interest cost on bonds, notes, or other obligations. However, it does not affect existing contract limitations with bondholders or others as to rate of interest or cost of money borrowed without their consent. No penalties are mentioned in this document.
Whom does it apply to?
Counties, municipalities, school districts, bodies corporate and politic, districts or public authorities, agencies, commissions, or other public institutions created by the State, any county, or municipality.
What does it govern?
This legal document authorizes and empowers counties, municipalities, school districts, bodies corporate and politic, districts or public authorities, agencies, commissions, or other public institutions created by the State, any county, or municipality to contract to pay interest on money borrowed without any limitations on the rate of interest per annum or the annual interest cost to maturity. The document overrides any other law, statute, or regulation that imposes a maximum rate of interest or annual interest cost on bonds, notes, or other obligations.
What are exemptions?
Existing contract limitations with bondholders or others as to rate of interest or cost of money borrowed without the consent of such bondholders or others given as provided in any such contract.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Jersey