N.J. Admin. Code § 9A:10-6.8
Current through Register Vol. 56, No. 24, December 18, 2024
(a) As determined by the indentures for the bonds or notes whose proceeds are funding the loan or by the NJCLASS Application and Promissory Note if the loan is funded through other means, a recipient of an NJCLASS Loan Program loan may be required to pay an application and an administrative fee to the Authority, which combined shall not exceed five percent of the total approved loan amount. 1. Pursuant to the loan disclosure statements accepted by the borrowers, these fees shall either be deducted from the loan proceeds or added to the loan balance. The indentures for the bonds or notes whose proceeds are funding the loan determine whether the fees shall be deducted from the loan proceeds or added to the loan balance.2. For multiple disbursed loans, an equal percentage of these fees shall be deducted or added from each loan disbursement.(b) A recipient of an NJCLASS Loan Program loan may be required to pay a servicing fee if provided by the promissory note.N.J. Admin. Code § 9A:10-6.8
Amended by 46 N.J.R. 2358(a), effective 12/1/2014Amended by 48 N.J.R. 2433(a), effective 11/21/2016