State Codes and Statutes
Statutes > New-jersey > Title-18a > Section-18a-71c > 18a-71c-418A:71C-4 Federal loan evidenced by note; interest rate; method of payment; security.
18A:71C-4. Federal Loan Evidenced by Note; Interest Rate; Method of Payment; Security.
Each federal loan made under this article shall:
a.be evidenced by a note or other obligation approved by the authority;
b.bear interest at a rate not exceeding the maximum percentage per annum permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations;
c.be payable in such manner or in such installments as permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations; and
d.be secured only by the personal liability of the maker, and not by any endorsers, co-maker's collateral, or other security, except as may be permitted under 20 U.S.C.s.1071 et seq. and implementing rules and regulations.
L.1999,c.46,s.1.
