31:1-3. Forfeiture of all interest; deduction from recovery
In all actions to enforce any note, bill, bond, mortgage, contract, covenant, conveyance, or assurance, for the payment or delivery of any money, wares, merchandise, goods, or chattels lent, and on which a higher rate of interest shall be reserved or taken than was or is allowed by the law of the place where the contract was made or is to be performed, the amount or value actually lent, without interest or costs of the action, may be recovered, and no more. If any premium or illegal interest shall have been paid to the lender, the sum or sums so paid shall be deducted from the amount that may be due as aforesaid, and recovery had for the balance only.
Amended by L.1953, c. 30, p. 550, s. 2.
Structure New Jersey Revised Statutes
Section 31:1-1.1 - Loans; rate of interest; regulations; exceptions
Section 31:1-2 - Persons offending may be examined as witnesses
Section 31:1-3 - Forfeiture of all interest; deduction from recovery
Section 31:1-4 - Borrower may compel discovery, and acceptance of principal alone
Section 31:1-5 - Canal and railroad securities sold under par
Section 31:1-7 - Interest rate limitations applicable to counties, municipalities, etc.; suspension