N.J. Admin. Code § 11:2-3.19

Current through Register Vol. 56, No. 9, May 6, 2024

Section 11:2-3.19 - Maximum payments by debtors

(a) The amount collected from a debtor for credit life or credit accident and health insurance shall not exceed the premium charged by the insurer; provided, that if the amount collected from a debtor is determined in a single sum but the premium charged by the insurer is not, the amount so collected from a debtor shall not exceed the lesser of:

1. The single premium rate set forth in 11:2-3.1 7 or such higher single premium rate consistent with such premiums to be charged by the insurer pursuant to that section; and

2. The aggregate of the premiums to be charged by the insurer.

(b) The amount determined in accordance with either (a)1 or 2 above shall be computed as of the time the amount collected from the debtor is determined.

(c) Nothing in this subchapter shall be construed to legalize any charge now illegal under any statute or rule of law governing credit transactions.

N.J. Admin. Code § 11:2-3.19

Amended by R.1996 d.3, effective 1/2/1996.
See: 27 N.J.R. 3278(b), 28 N.J.R. 152(b).
Recodified from 11:2-3.13 and amended by R.1996 d.206, effective 5/20/1996.
See: 27 N.J.R. 3676(a), 28 N.J.R. 2621(a).
Former section, "Separability", recodified to 11:2-3.25.