N.J. Admin. Code § 9A:10-6.5

Current through Register Vol. 56, No. 21, November 4, 2024

Section 9A:10-6.5 - NJCLASS creditworthiness

(a) To be approved for an NJCLASS Loan Program loan, an applicant must be determined creditworthy by the Authority.

(b) The Authority may require that applicants submit to the Authority information that includes the most recent signed Federal Income Tax Return, including all schedules, and current pay stub or other documentation of income, if applicable. For joint filers, this documentation may include the current pay stub or other documentation of income, if applicable, of both filers.

(c) To be approved for a Standard NJCLASS loan, a creditworthy applicant must have documentable annual income that exceeds Federal poverty guidelines, as adjusted annually by the United States Department of Health and Human Services. The amount by which income must exceed Federal poverty guidelines is determined by the indentures for the bonds or notes whose proceeds are funding the loan.

(d) An applicant with one or more of the items listed below in his or her credit history may be denied a Standard NJCLASS loan for not being creditworthy. These items include delinquent accounts, paid and unpaid collection accounts, paid and unpaid charged off accounts, foreclosure, repossession, bankruptcy, or a paid or unpaid judgment.

(e) Applicants who do not meet the income and credit requirements may reapply with an eligible co-borrower or cosigner who does meet the income and credit requirements of this section.

N.J. Admin. Code § 9A:10-6.5

Amended by 46 N.J.R. 2358(a), effective 12/1/2014

Amended by 48 N.J.R. 2433(a), effective 11/21/2016