N.J. Admin. Code § 19:30-6.2

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:30-6.2 - Commitment fees

(a) A non-refundable commitment fee of .875 percent of a direct loan amount is charged with the acceptance by an applicant of a direct loan commitment from the Authority, except for any other financing under the Premier Lenders Program, wherein a non-refundable commitment fee of $ 750.00 shall be charged with the acceptance by an applicant.

(b) A non-refundable fee of .75 percent of the loan amount is charged with the acceptance by an applicant of a direct loan commitment under the Edison Innovation Angel Growth Fund, the Edison Innovation VC Growth Fund, and the Edison Innovation Growth Stars Fund.

(c) A non-refundable fee of .5 percent of the loan or guarantee amount is charged with the acceptance by an applicant of a direct loan or guarantee commitment under the Small Business Fund.

(d) A non-refundable fee of one-half of one percent of the total amount of a direct loan or $ 100.00, whichever is greater, is charged upon the signing of a commitment letter for a direct loan through funding provided under N.J.S.A. 34:1B-47 et seq.

(e) A non-refundable commitment fee of.875 percent of the loan amount is charged with the acceptance by an applicant of any direct loan commitment other than as described at (a), (b), (c), or (d) above.

(f) A non-refundable extension fee of $ 750.00, per extension requested by the borrower or applicant, shall be charged for the granting of an extension of the commitment letter or of conditions required in an approval letter beyond the original expiration date.

N.J. Admin. Code § 19:30-6.2

Amended by 47 N.J.R. 277(b), effective 1/20/2015

Amended by 55 N.J.R. 1476(a), effective 7/17/2023