N.J. Admin. Code § 7:1A-2.33

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:1A-2.33 - Annulment of loan

(a) The Department may, in writing, annul the loan if it determines that:

1. Without good cause therefor substantial performance of the project work has not occurred;

2. The loan was obtained by fraud; or

3. Gross abuse or corrupt practices in the administration of the project have occurred.

(b) At least 10 days prior to the intended date of annulment, the Department shall give written notice to the borrower (certified mail, return receipt requested) of intent to annul the loan. The Department shall afford the borrower an opportunity for consultation prior to annulment of the loan. Upon annulment of the loan, the borrower shall return all loan funds previously paid to the borrower. The Department shall make no further payments to the borrower. In addition, the Department shall pursue such remedies as may be available under Federal, State and local law.

N.J. Admin. Code § 7:1A-2.33

As amended, R.1984 d.232, effective 6/18/1984.
See: 16 New Jersey Register 631(a), 16 New Jersey Register 1479(a).
"Annulment of loan" was formerly codified at N.J.A.C. 7:1A-2.34.