{"data":{"id":"us-nj/n.j.-stat.-17-9a-59.5","jurisdiction":"us-nj","citation":"N.J. Stat. § 17:9A-59.5","heading":"Periodic payments;  amount;  application","body":"A.  The amount of the payment required to be made on advance loans made to a  particular borrower in reduction thereof shall at least equal   1/72 nd of the  aggregate amount owing at the end of a billing cycle by such borrower on each  advance loan contract between bank and borrower.  No monthly payment shall be  in an amount less than $10.00 on each advance loan contract between bank and  borrower unless the amount owing at the end of a billing cycle is less than  $10.00 with respect to the particular contract, in which case the amount of the  payment shall be the amount owing.  Nothing in this subsection shall be  construed as preventing a bank from rendering separate statements using  different billing cycles as provided in subsection B of section 4 of this act.\nB.  Unless the contract provides otherwise, monthly payments shall be applied in the following order:  (1) to interest;  (2) to premiums on credit life or credit accident and health insurance, or both;  (3) to late charges imposed pursuant to section 7 of this act;  (4) to service charges imposed pursuant to section 8 of this act;  and (5) to principal.\nL.1959, c. 91, p. 224, s. 5.  Amended by L.1968, c. 64, s. 5;  L.1981, c. 37,  s. 5, eff. Feb. 12, 1981.","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":"f0df10078c39b7fa08306e7209e2c068cd669c3e2890cd804f390d7fc90e2d23","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-17-9a-59.4","next":"us-nj/n.j.-stat.-17-9a-59.6"},"notice":"GroundRules: Original legal text. Not legal advice."}