Every bank which has made or which may hereafter make any approved veteran's loan or loans shall, in consideration of the guaranty or insurance, as herein provided, pay to the authority an amount equal to ten per centum (10%) of all interest received by it on all such loans, to be payable at such time or times and in such manner as the authority may prescribe.
N.J. Stat. Ann. § 38:23B-14.6
Payments by bank to authority for guaranty or insurance
Known as the Veterans' Loan Act
The act spans §§ 38:23B-1 to 38:23B-9.1 (36 sections).
L.1945, c. 185, p. 629, s. 12.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.