N.J. Admin. Code § 3:6-6.4
On the following business day, the net figure referred to in 3:6-6.3, Fluctuations in participations, must be communicated to the borrower by telephone. If the figure indicates a proposed increase in the loan, this communication is an offer to lend the amount of the increase which the borrower may either accept or reject in whole or in part. If the figure indicates a proposed reduction in the loan, communication constitutes a demand for payment of the amount of the reduction. The resulting increase or decrease in the loan and the new balance due must be then recorded by making appropriate entries on the note. The balance so entered, when confirmed by the borrower in writing, should be understood to constitute conclusive evidence of the balance owing on the loan. The net amount of any increase (or decrease) in the loan must be promptly credited to (or charged against) the borrower's account with the bank. Interest must be paid monthly on the daily amount of the loan outstanding during the preceding month at a rate which is mutually agreed upon by the bank and the borrower and specified in the note or related agreement. In the event the borrower issues its own commercial paper, the interest rate shall not be less than that which will yield the simple interest equivalent to the discount rate currently being paid by the borrower on its 180-day commercial paper. If any change in the 180-day rate is established by the borrower, the rate of interest paid on the variable amount loan must be changed simultaneously, unless a rate higher than the 180-day rate has been agreed upon and is being paid.
N.J. Admin. Code § 3:6-6.4
See: 33 N.J.R. 926(a), 33 N.J.R. 2079(c).
Rewrote the section.