New Jersey Statutes 17:16V-4. Collateral protection insurance; effective date, face amount, term
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 17:16V-4
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
4. a. The effective date of the collateral protection insurance policy purchased by the creditor shall not be sooner than the earlier of the date the debtor’s insurance lapsed or the date that the debtor failed to provide evidence of insurance on the collateral.
b. The face amount of the collateral protection insurance policy shall not exceed the outstanding balance of the obligation as of the effective date of the coverage purchased by the creditor even though the coverage may exceed the actual cash value or cost of repair.
c. A collateral protection insurance policy term may, but need not, extend to the full life of the credit transaction.
L.1999,c.44,s.4.