New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 11C-2

As used in this act:

“Billing cycle” means the time interval between periodic billing dates.  A billing cycle shall be considered monthly if the closing date of the cycle is the same date each month or does not vary by more than four days from such date.

“Borrower” means any individual applying for a consumer loan from a lender licensed under this act, whether or not the loan is granted, and any individual who has actually obtained such a loan.

“Closed-end loan” means a consumer loan which meets the requirements of section 35 of P.L.1996, c. 157 (C.17:11C-35) and pursuant to which the licensee advances a specified amount of money and the borrower agrees to repay the principal and interest in substantially equal installments over a stated period of time.

“Commissioner” means the Commissioner of Banking and Insurance.

“Consumer lender” means a person licensed, or a person who should be licensed, under P.L.1996, c. 157 (C.17:11C-1 et al.) to engage in the consumer loan business.

“Consumer loan” means a loan of $50,000 or less made by a consumer lender, payable in one or more installments, pursuant to the terms of P.L.1996, c. 157 (C.17:11C-1 et al.), and not a residential mortgage loan as defined by section 3 of P.L.2009, c. 53 (C.17:11C-53).

“Consumer loan business” means the business of making loans of money, credit, goods or things in action, which are to be used primarily for personal, family or household purposes, in the amount or value of $50,000 or less and charging, contracting for, or receiving a greater rate of interest, discount or consideration therefor than the lender would be permitted by law to charge if he were not a licensee hereunder, except as authorized by this act and without first obtaining a license from the commissioner.  Any person directly or indirectly engaging in the business of soliciting or taking applications for such loans of $50,000 or less, or in the business of negotiating or arranging or aiding the borrower or lender in procuring or making such loans of $50,000 or less, or in the business of buying, discounting or endorsing notes, or of furnishing, or procuring guarantee or security for compensation in amounts of $50,000 or less, shall be deemed to be engaging in the consumer loan business.

“Controlling interest” means ownership, control or interest of 25% or more of the licensee or applicant.

“Department” means the Department of Banking and Insurance.

“Depository institution” means a state or federally chartered bank, savings bank, savings and loan association, building and loan association or credit union, irrespective of whether the entity accepts deposits.

“Individual” means a natural person.

“Licensee” means a person who is licensed under this act, or who should be so licensed.

“Open-end loan” means a consumer loan made by a consumer lender pursuant to a written agreement with the borrower whereby: