SECTION 330:15-3-8. Maximum mortgage loan interest rate

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Maximum interest rate on all mortgage loans under any first mortgage program shall be limited to 12% per annum and under any second mortgage program shall be limited to 15% per annum. The actual interest rate for mortgages under each program shall be set as the Trustees may determine to be necessary under the market conditions prevalent at the time the program is being developed and as may be determined by the Trustees at discretion of the Trustees at time of finalization of the program.

                    
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