New Jersey Revised Statutes § 46:10b-26 - High-cost Home Loans, Limitations, Prohibited Practices.

46:10B-26 High-cost home loans, limitations, prohibited practices.
5.A high-cost home loan shall be subject to the following additional limitations and prohibited practices:

a.No high-cost home loan shall contain a scheduled payment that is more than twice as large as the average of earlier scheduled payments. This provision shall not apply when the payment schedule is adjusted to the seasonal or irregular income of the borrower.

b.No high-cost home loan shall include payment terms under which the outstanding principal balance will increase at any time over the course of the loan because the regular periodic payments do not cover the full amount of interest due.
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Last modified: October 11, 2016