{"data":{"id":"us-nj/n.j.-stat.-17-3b-22","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:3B-22","heading":"Prepayment in a closed end credit arrangement","body":"Prepayment in a closed end credit arrangement a.  An individual borrower may prepay a loan in full at any time without payment of any prepayment charge.\nb.   If a borrower wishes to prepay a loan, a lender shall not use the \"rule of 78's\" to calculate the amount of interest owed by the borrower. The lender shall use a simple interest basis to calculate the amount of interest owed by the borrower.\nL. 1985, c. 81, s. 19, eff. March 14, 1985.","path":["TITLE 17 CORPORATIONS AND INSTITUTIONS FOR FINANCE \t\t\tAND INSURANCE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"6404d6f401dce4ccaaf6b775d65d93f213d84dbd5471de06d5b831627014ee3a","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-3b-21","next":"us-nj/n.j.-stat.-17-3b-23"},"notice":"GroundRules: Original legal text. Not legal advice."}