N.J. Admin. Code § 9A:10-6.9
Current through Register Vol. 56, No. 24, December 18, 2024
Section 9A:10-6.9 - Interest(a) The NJCLASS Loan Program loan shall have a daily fixed simple annual interest rate, a variable interest rate, or another type of interest rate, 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. For NJCLASS Loan Program loans funded through bonds, the NJCLASS Loan Program interest rate will be a pass through rate of the bond interest rate, associated costs of sale, and such other costs or reserves which may be required, and/or determined as the bonds are issued.(b) Interest on an NJCLASS Loan Program loan shall begin to accrue at the time of the first loan disbursement.N.J. Admin. Code § 9A:10-6.9
Amended by 46 N.J.R. 2358(a), effective 12/1/2014Amended by 48 N.J.R. 2433(a), effective 11/21/2016