N.J. Admin. Code § 7:24A-4.18

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

Section 7:24A-4.18 - Annulment of loan

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

1. Without good cause, the borrower has not substantially completed the project;

2. The borrower obtained the loan by fraud; or

3. The borrower has committed corrupt practices in administering the project.

(b) The Department shall give written notice to the borrower (certified mail, return receipt requested) of its intent to annul the loan at least 10 days prior to the intended date of annulment. Upon annulment of the loan, the borrower shall return all loan funds disbursed to it. The Department shall make no further disbursements to the borrower.

(c) The Department may pursue such other remedies as may be available under Federal, State and local law.

N.J. Admin. Code § 7:24A-4.18