Legal Research Home > New Jersey Lawyer > Interest and Usury > New Jersey Interest And Usury Laws Section 31:1-7. Interest rate limitations applicable to counties, municipalities, etc.; suspension.

Notwithstanding the provisions of any other law, statute or regulation applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds, notes or other obligations, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds, notes or other obligations, every county, municipality, school district, body corporate and politic, district or public authority, agency, commission or other public institution heretofore or hereafter created by the State, any county, or municipality or by one or more counties or municipalities, is hereby authorized and empowered to contract to pay interest on or an interest cost per annum for money borrowed and evidenced by bonds, notes or other obligations without limit as to the rate of interest per annum payable thereon or as to the annual interest cost to maturity of the money borrowed.

L.1969, c. 137, s. 1, eff. July 3, 1969. Amended by L.1970, c. 21, s. 2; L.1970, c. 49, s. 2, eff. May 8, 1970; L.1971, c. 208, s. 1, eff. June 9, 1971; L.1972, c. 65, s. 1, eff. June 9, 1972; L.1973, c. 144, s. 1, eff. May 22, 1973; L.1974, c. 31, s. 1, eff. May 29, 1974; L.1975, c. 130, s. 1, eff. June 30, 1975; L.1978, c. 49, s. 1, eff. June 19, 1978; L.1981, c. 189, s. 1, eff. June 25, 1981; L.1981, c. 381, s. 1, eff. Dec. 31, 1981; L.1981, c. 559, s. 1.

Last modified: October 22, 2006