reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23-4.1 - "Emergency" defined

38:23-4.1. "Emergency" defined
As used in the act to which this act is a supplement, the term "emergency" shall include, but shall not be limited to, any period of time after June twenty-third, one thousand nine hundred and fifty, and prior to the termination, suspension or revocation of the proclamation of the existence of a national emergency issued by the President of the United States on December sixteenth, one thousand nine hundred and fifty, or termination of the existence of such national emergency by appropriate action of the President or Congress of the United States.
L.1951, c. 18, p. 50, s. 1, eff. April 2, 1968.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23-5 - No impairment to pension rights because of military service

38:23-5. No impairment to pension rights because of military service
1. No person holding any office, position or employment under the government of the State of New Jersey or of any county, municipality, school district or other political subdivision of the State, or under any board, body, agency or commission of the State or of any county, municipality or school district, who, heretofore and subsequent to July 1, 1940, entered or hereafter, in time of war, shall enter, or heretofore or hereafter in time of emergency entered or shall enter, the active military or naval service of the United States or the active service of the Women's Army Auxiliary Corps, the Women's Reserve of the Naval Reserve or any similar organization authorized by the United States to serve with the Army or Navy, including service as a member of the American Merchant Marine during World War II declared by the United States Department of Defense to be eligible for federal veterans' benefits, and who, at the time of such entry was or is a member in good standing of any pension, retirement, or annuity fund, shall suffer the loss or impairment of any of the rights, benefits or privileges accorded by the laws governing such pension, retirement or annuity funds; and the time spent in such service by any such person shall be considered as time spent in the office, position or employment held by him at the time of his entry into such service, in all calculations of the amount of pension to which he is entitled and of the years of service required to entitle him to retire; provided, however, that in the event of the death or disability of such person while in such service the pension to be paid such person or his dependents shall be the amount, if any, remaining after calculating the amount of pension that would be paid if such person had continued to hold such office, position or employment until the time of his death or disability and had continued to receive the same compensation as he received at the time of his entry into such service.
As used in this act the term "in time of emergency" shall mean and include any time after June 23, 1950, and on or prior to January 31, 1955.
L.1942,c.252,s.1; amended 1942,c.326,s.2; 1944,c.87; 1948,c.457; 1951,c.21,s.2; 1991,c.389,s.15.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23-6 - Contributions to pension or retirement funds during military or naval service

38:23-6. Contributions to pension or retirement funds during military or naval service
During the period beginning with the time of the entry of such person into such service and ending at the earliest of (a) three months after the time of such person's discharge from such service or (b) the time such person resumes such office, position or employment or (c) the time of such person's death or disability while in such service, the proper officer of the State, county, municipality, school district, political subdivision, board, body, agency or commission shall contribute or cause to be contributed to such fund the amount required by the terms of the statute governing such fund based upon the amount of compensation received by such person prior to his entry into such service and during the period first mentioned in this section any such person receiving compensation from the State, county, municipality, school district, political subdivision, board, body, agency or commission, shall continue to contribute the amount required by statute to be paid by members of such fund and during the period first mentioned in this section any such person not receiving compensation from the State, county, municipality, school district, political subdivision, board, body, agency or commission shall not be required to contribute the amount required by statute to be paid by members of such fund, but said amount shall be contributed for such person by the State, county, municipality, school district, political subdivision, board, body, agency or commission.
L.1942, c. 252, p. 693, s. 2. Amended by L.1942, c. 326, p. 1167, s. 3, eff. April 10, 1944.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23A-2 - Age limits extended for veterans

38:23A-2. Age limits extended for veterans
1. When the qualifications for any examination or test for, or appointment or election to any office, position or employment under the government of this State, or of any county, municipality, school district or other political subdivision of this State, or under any board, body, agency or commission of this State, or of any county, municipality or school district, includes a maximum age limit, any person who, heretofore and subsequent to July 1, 1940, entered or hereafter, in time of war, shall enter the active military or naval service of the United States or the active service of the Women's Army Corps, the Women's Reserve of the Naval Reserve or any similar organization authorized by the United States to serve with the Army or Navy, including service as a member of the American Merchant Marine during World War II which is declared by the United States Department of Defense to be eligible for federal veterans' benefits, shall be deemed to meet such maximum age requirement, if his actual age, less the period of such service, would meet the maximum age requirement in effect on the date the person entered into such service of the United States. As used in this section the term "war" shall include the conflicts in Viet Nam and Korea.
L.1944,c.98,s.1; amended 1946,c.206; 1984,c.44; 1991,c.389,s.16.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23A-3 - Privileges of honorably discharged veterans; persons engaged in public service

38:23A-3. Privileges of honorably discharged veterans; persons engaged in public service
Whenever in any law, any rights, privileges or benefits are granted to persons holding any appointive office, position or employment in either the State, county or municipal government by reason of having been honorably discharged from the armed services of the United States in any of its wars, such persons shall include all those engaged in the public service in any of its branches within this State. No distinction shall be made by reason of the source of the public funds from which such person is paid or the changes in or from the governmental office, position or employment to any other branch of the government within this State.
L.1945, c. 175, p. 604, s. 1, eff. April 17, 1945.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23A-4 - "Veteran" and "present emergency" defined

38:23A-4. "Veteran" and "present emergency" defined
1. The word "veteran" as used in this act shall mean any person who served in the active military or naval service of the United States on or after September 16, 1940, and prior to the termination of the war by lawful federal authority, or during the present emergency, including any member of the American Merchant Marine who is declared by the United States Department of Defense to be eligible for federal veterans' benefits, who was a resident of this State when he entered such active service, who shall have been discharged, or released, therefrom under conditions other than dishonorable and who either shall have served 90 days or shall have been discharged or released from active duty by reason of an actual service-incurred injury or disability.
The term "present emergency" as used in this act shall mean and include any time after June 23, 1950, and on or prior to January 31, 1955.
L.1946,c.51,s.1; amended 1952,c.116; 1991,c.389,s.17.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23A-5 - Renewal or reinstatement of professional or occupational licenses

38:23A-5. Renewal or reinstatement of professional or occupational licenses
Any veteran who at the time of entering such service or within one year prior thereto was the holder of a license, registration certificate or permit, to practice any profession or to engage in any occupation, issued by any State board, body or officer, pursuant to law, which expired, lapsed or was forfeited or shall expire, lapse or be forfeited, by limitation of time for failure to renew the same, or to pay an annual license or renewal fee, shall be entitled, without examination or re-examination, upon making application therefor within six months after his said discharge or release from such service, to a renewal or reinstatement of such license, registration certificate or permit until the next renewal or termination period of such license, registration certificate or permit, upon payment of the lawful fee, if any, provided for a renewal or reinstatement thereof, and upon the giving or renewal of any bond provided to be given or renewed upon a renewal or reinstatement of such license, registration certificate or permit.
L.1946, c. 51, p. 108, s. 2.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23A-7 - Apprentice and on-the-job training for veterans; "present emergency" defined

38:23A-7. Apprentice and on-the-job training for veterans; "present emergency" defined
Each State department and each county and municipality in the State hereby is authorized and empowered to establish and maintain apprentice and on-the-job training programs for the employment of veterans of World War II as contemplated by public laws Nos. 16 and 346 of the Seventy-eighth Congress of the United States, and for persons who have served in the armed forces of the United States in the present emergency who may be entitled to on-the-job training benefits under any Federal law, and the head of each State Department and the governing body of each county and municipality is authorized to determine the positions to be included within such program and their rating and to fix the compensation to be paid to such veterans while serving therein under the supervision, and subject to the approval, of the Civil Service Commission in the case of State departments and the counties and municipalities in which subtitle three, of Title 11, Civil Service, of the Revised Statutes is in effect.
The term "present emergency" as used in this act shall mean and include any time after June twenty-third, one thousand nine hundred and fifty, and prior to the termination, suspension or revocation of the proclamation of the existence of a national emergency issued by the President of the United States on December sixteenth, one thousand nine hundred and fifty, or termination of the existence of such national emergency by appropriate action of the President or Congress of the United States.
L.1946, c. 162, p. 731, s. 1. Amended by L.1952, c. 232, p. 784, s. 2, eff. May 19, 1952.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-1 - Purpose of act

38:23B-1. Purpose of act
The purposes of this act are to make it possible for certain qualified veterans to obtain: a. venture capital, at low rates of interest, which may be necessary to establish or re-establish themselves in a business or profession; and b. loans, at low rates of interest, which may be necessary to enable them to purchase household furnishings and household appliances required by them for use in their homes.
L.1944, c. 126, p. 345, s. 1. Amended by L.1946, c. 121, p. 562, s. 3, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-2 - Veterans loan authority

38:23B-2. Veterans loan authority
There is hereby created in the Department of Economic Development a "veterans loan authority," hereinafter referred to as the "authority," which shall be a body corporate and politic, with corporate succession. The functions, powers and duties of the authority shall be vested in and may be exercised by the commissioner of the Department of Economic Development, hereinafter referred to as the "commissioner."
L.1944, c. 126, p. 345, s. 2.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-3 - Powers

38:23B-3. Powers
The authority shall have power to contract, to sue and be sued, to make, amend and rescind such rules and regulations as may be necessary to carry out the provisions of this act; but the authority may not in any manner, directly or indirectly, pledge the credit of the State.
L.1944, c. 126, p. 345, s. 3.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-4 - Capitalization

38:23B-4. Capitalization
The authority shall have an original capitalization of five million dollars ($5,000,000.00) which shall be subscribed by the Treasurer of the State of New Jersey, and which is hereby appropriated out of the Post-War Reserve Account of the General State Fund or the balance held as reserve for post-war needs or to meet expenditures of an emergency nature in the State Highway System Fund.
L.1944, c. 126, p. 345, s. 4.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-5 - Veterans guaranteed loan fund

38:23B-5. Veterans guaranteed loan fund
All capital and revenues of the authority shall be held in trust in a veterans loan guaranty and insurance fund, hereinafter referred to as the "fund," to meet the obligations of the authority under this act; but any amounts in the fund in excess of the total amount of guaranteed or insured loans outstanding at any time shall be subject to such disposition as may be provided by law. Such amounts in the fund as the authority shall estimate are not needed for its current operations shall be invested and reinvested by the State Treasurer in such obligations as are legal for savings banks of this State.
L.1944, c. 126, p. 346, s. 5. Amended by L.1945, c. 185, p. 625, s. 1; L.1946, c. 121, p. 562, s. 5, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-6 - Authority to make loans under act

38:23B-6. Authority to make loans under act
With the exception of a building and loan association, any financial corporation under the supervision of the Department of Banking and Insurance and any national bank organized under the laws of the United States and doing business in this State, which are hereinafter referred to as "any bank," may, any other provisions of law to the contrary notwithstanding, make veterans' loans under this act, pursuant to such rules and regulations not inconsistent herewith, and using such forms, as the commissioner may prescribe.
L.1944, c. 126, p. 346, s. 6. Amended by L.1945, c. 185, p. 625, s. 2, eff. April 17, 1945.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-7 - "Veteran" defined; "national emergency" defined

38:23B-7. "Veteran" defined; "national emergency" defined
For the purpose of this act, a "veteran" shall mean any bona fide resident of the State who has or shall have served in the active military or naval service of the United States at any time after September sixteenth, one thousand nine hundred and forty, and prior to December thirty-first, one thousand nine hundred and forty-six, or at any time after June twenty-third, one thousand nine hundred and fifty, and prior to December sixteenth, one thousand nine hundred and fifty, or during a period of national emergency, and who shall have been discharged or released therefrom under conditions other than dishonorable after active service of ninety days or more, or has or shall have been discharged or released therefrom after less than ninety days of service for disability incurred in line of duty; except that no person shall be eligible for the benefits of this act by reason of service from which he has or shall have been discharged or released on his own initiative to accept employment unless he had served outside the continental limits of the United States or in Alaska.
As used in this act, the term "national emergency" shall mean the existence of a national emergency as proclaimed by the President of the United States on December sixteenth, one thousand nine hundred and fifty, and shall include the period of time following such proclamation and until the termination, suspension or revocation thereof, or termination of the existence of such national emergency by appropriate action of the President or Congress of the United States.
L.1944, c. 126, p. 346, s. 7. Amended by L.1951, c. 89, p. 484, s. 1, eff. May 22, 1951.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-8 - Application for loan; time limit; minor veterans eligible for loans

38:23B-8. Application for loan; time limit; minor veterans eligible for loans
A veteran, as defined herein, who has served in the active military or naval service of the United States at any time after September sixteenth, one thousand nine hundred and forty, and prior to December thirty-first, one thousand nine hundred and forty-six, may apply to any bank for a loan under the provisions of this act not later than June thirtieth, one thousand nine hundred and fifty-one. A veteran, as defined herein, who has or shall have served in the active military or naval service of the United States at any time after June twenty-third, one thousand nine hundred and fifty, and prior to December sixteenth, one thousand nine hundred and fifty, or during a period of national emergency as herein defined, may apply to any bank for a loan under the provisions of this act not later than two years after his discharge or release from such active service. Any veteran otherwise eligible for a loan pursuant to the provisions of this act, who is under the age of twenty-one years, is hereby empowered to enter into and contract for a loan or loans subject to the provisions of this act; provided, however, and notwithstanding any contrary provisions of law, such veteran shall not void such contract because of his age, nor shall such veteran hereafter interpose the defense that he is, or was at the time he entered into such contract, a minor in any action or proceeding arising out of any loan pursuant to the provisions of this act.
L.1944, c. 126, p. 346, s. 8. Amended by L.1945, c. 185, p. 626, s. 3; L.1946, c. 121, p. 563, s. 6; L.1950, c. 216, p. 540, s. 1; L.1951, c. 89, p. 485, s. 2.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-9 - Approval of application for business loan

38:23B-9. Approval of application for business loan
Any application for a business loan made under this act shall be submitted to the commissioner for his approval. The commissioner shall approve the application only if he finds that:
a. The purpose of the loan is to establish or re-establish one or more veterans in a business, including any agricultural pursuit, or profession; and
b. The applicant has training or experience in the business or profession described in the application, or is otherwise qualified; and
c. The amount of the loan would not exceed the maximum amount reasonably necessary to start in the business or profession or three thousand dollars ($3,000.00), whichever is less; and
d. The ability and experience of the veteran, and the conditions under which he proposes to pursue such business or profession are reasonably favorable for the successful liquidation of the loan.
L.1944, c. 126, p. 347, s. 9. Amended by L.1945, c. 185, p. 626, s. 4; L.1946, c. 121, p. 563, s. 7, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-9.1 - Approval of application for loan to purchase household furnishings

38:23B-9.1. Approval of application for loan to purchase household furnishings
Any application for a loan to finance the purchase of household furnishings or household appliances, or both, made under this act shall be submitted to the commissioner for his approval. The commissioner shall approve the application only if he finds that:
a. The purpose of the loan is to finance the purchase by the applicant of specific household furnishings or household appliances, or both; and
b. Such household property is required by the applicant for use in his home; and
c. The amount of the loan would not exceed the maximum amount reasonably necessary to purchase such household property or one thousand dollars ($1,000.00), whichever is less; and
d. The conditions under which the applicant proposes to finance the purchase of such household property are reasonably favorable for the successful liquidation of the loan.
L.1946, c. 121, p. 563, s. 8.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-10 - Effect of approval

38:23B-10. Effect of approval
Upon approval by the commissioner of a veterans' loan application, any bank may make the loan as approved and upon the terms and conditions required under this act.
L.1944, c. 126, p. 347, s. 10, eff. July 1, 1944.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-11 - Bank making loan to co-operate with commissioner

38:23B-11. Bank making loan to co-operate with commissioner
Any bank making a veterans' loan shall co-operate with the commissioner in supervising the use of the credit in accordance with its purposes.
L.1944, c. 126, p. 347, s. 11.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-12 - Terms of business loan

38:23B-12. Terms of business loan
Each business loan made under this act shall:
a. Be evidenced by a note or other obligation approved by the commissioner.
b. Bear interest at a rate not exceeding four per centum (4%) per annum upon the unpaid balance.
c. Be payable as follows:
(1) In monthly or quarterly installments of interest, the first of which shall be payable not less than six months after the making of the loan and the last of which shall be payable not exceeding six years from the date of the obligation; and
(2) In monthly or quarterly installments of principal, the first of which shall be payable not less than twelve months after the making of the loan and the last of which shall be payable not exceeding six years from the date of the obligation; except, however, that any veteran at his option, may, on such form as the commissioner shall prescribe, waive the grace period, or any part thereof, herein provided him for the payment of the first installment of interest, or the grace period, or any part thereof, herein provided him for the payment of the first installment of principal, or both.
d. Be secured only by the personal liability of the maker, and not by any endorsers, comakers, collateral or other security; except that in accordance with such rules and regulations as prescribed by the commissioner, where the maker is married endorsement of the spouse may be required, and where the loan, or any part thereof, is made to finance the purchase or improvement of any property a lien on such property may be required.
Where the loan, or any part thereof, is made to finance the purchase or improvement of any property to be used by the veteran and any other person or persons in a business or profession to be conducted by them as partners, and a lien on such property is required pursuant to the rules and regulations of the commissioner, the instrument creating such lien may, pursuant to regulations prescribed by the commissioner, be required to be made and executed by such partners, individually and as copartners doing business under their trade name. Notwithstanding the provisions of any other law to the contrary every such lien instrument, properly recorded, shall be valid and effective against all creditors of such partnership.
L.1944, c. 126, p. 347, s. 12. Amended by L.1945, c. 185, p. 626, s. 5; L.1946, c. 121, p. 564, s. 9; L.1947, c. 190, p. 838, s. 1, eff. May 23, 1947.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-12.1 - Terms of loan for purchase of household furnishings

38:23B-12.1. Terms of loan for purchase of household furnishings
Each loan to finance the purchase of household furnishings or household appliances, or both, made under this act shall:
a. Be evidenced by a note or notes or other obligation approved by the commissioner.
b. Bear interest at a rate not exceeding four per centum (4%) per annum upon the unpaid balance.
c. Be payable in monthly or quarterly installments of principal and interest, the first of which shall be payable not less than three months after the making of the loan and the last of which shall be payable not exceeding two years from the date of the obligation; except, however, that any veteran at his option, may, on such form as the commissioner shall prescribe, waive the grace period, or any part thereof, herein provided him for the payment of the first installment of principal and interest.
d. Be secured only by the personal liability of the maker, and not by any endorsers, comakers, collateral or other security; except that a lien on the property purchased with the proceeds of the loan shall be required, and, in accordance with such rules and regulations as prescribed by the commissioner, where the maker is married endorsement of the spouse may be required.
L.1946, c. 121, p. 565, s. 10. Amended by L.1947, c. 190, p. 840, s. 2.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-13 - Cost of loan

38:23B-13. Cost of loan
The entire cost to the borrower of making any loan, regardless of amount, shall be included in a single charge of ten dollars ($10.00) for all costs, exclusive of interest, of which two dollars ($2.00) shall be paid by the bank to the authority; except, however, that whenever any veteran's loan is, under the provisions of this act, required to be secured by a lien on property purchased with all or part of the proceeds of such loan, an additional amount, not to exceed a maximum amount which shall be prescribed by the commissioner, may be charged to the borrower to defray the expenses incurred in connection with the making of the instrument creating the lien, including search fees and recording fees.
L.1944, c. 126, p. 348, s. 13. Amended by L.1946, c. 121, p. 566, s. 11.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14 - Extension of loan

38:23B-14. Extension of loan
Subject to such rules and regulations as the commissioner may prescribe, any veteran's loan heretofore or hereafter made under and pursuant to the provisions of this act for a period of less than six years may be extended or refinanced in the discretion of the bank without affecting the obligation of the authority hereunder; provided, provision is made for complete discharge of the obligation, and interest thereon, not later than six years from the date of the original loan. Except as the commissioner may prescribe in the terms of any instrument creating a lien required under the provisions of this act, installments may not be accelerated on any veteran's loan unless the loan is more than three months in arrears. A loan may be reduced at any time in the option of the borrower.
L.1944, c. 126, p. 348, s. 14. Amended by L.1945, c. 185, p. 627, s. 6; L.1946, c. 121, p. 566, s. 12.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.1 - Insurance or guaranty; election by bank

38:23B-14.1. Insurance or guaranty; election by bank
The authority is hereby authorized and empowered to insure or guaranty, whichever any bank may elect in accordance with the provisions of section eight hereof, all veterans' loans heretofore or hereafter made by such bank, to the extent provided in section nine or section ten hereof respectively.
L.1945, c. 185, p. 628, s. 7.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.2 - Notice of election by bank as to guarantee or insurance of loan

38:23B-14.2. Notice of election by bank as to guarantee or insurance of loan
Every bank which heretofore made any veteran's loan under and pursuant to the provisions of chapter one hundred twenty-six of the laws of one thousand nine hundred and forty-four and every bank which may hereafter make its initial veteran's loan shall elect, prior to the first day of July, one thousand nine hundred and forty-five, or simultaneously with the submission for approval of its initial veteran's loan, whichever is later, to have all veterans' loans made and to be made by such bank either insured in accordance with the provisions of section nine hereof or guaranteed in accordance with the provisions of section ten hereof. Notice of such election shall be made on such form as the commissioner shall prescribe.
L.1945, c. 185, p. 628, s. 8.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.2a - Further election by bank

38:23B-14.2a. Further election by bank
Any bank which has heretofore elected, pursuant to the provisions of section eight of chapter one hundred eighty-five of the laws of one thousand nine hundred and forty-five, to have its approved veterans' loans guaranteed by the authority in accordance with the provisions of section ten of said chapter one hundred eighty-five of the laws of one thousand nine hundred and forty-five, may at any time elect to have all of its approved veterans' loans then outstanding and all approved veterans' loans thereafter to be made by it insured in accordance with the provisions of section nine of said chapter one hundred eighty-five of the laws of one thousand nine hundred and forty-five. Notice of such election shall be made on such form as the commissioner shall prescribe.
L.1946, c. 121, p. 567, s. 13, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.3 - Reserve fund to be set aside where bank elects to have loans insured; defaults

38:23B-14.3. Reserve fund to be set aside where bank elects to have loans insured; defaults
In the event that a bank shall elect, pursuant to the provisions of section eight hereof, to have its approved veterans' loans insured by the authority, then the authority shall set aside out of the veterans guaranty and insurance fund a reserve fund to the credit of such bank equal to twenty per centum (20%) of the total face amount of all of such bank's approved veterans' loans outstanding at the time of such election. The authority shall add to such reserve fund twenty per centum (20%) of the amount of each approved veteran's loan thereafter made by such bank. In the event that the total of all amounts credited to said reserve fund shall at any time be in excess of the total face amount of all such bank's approved veterans' loans outstanding, then the authority shall withdraw such excess amount from said reserve fund.
The reserve fund so set aside shall be used by the authority to meet and pay any losses incurred by said bank by reason of such loans, but in no event shall any payment be made by the authority to any bank beyond the total balance set aside as the reserve fund for such bank at the time of such payment.
Whenever any approved veteran's note shall be in default to any such bank for thirty days after the date of maturity thereof, or whenever any installment thereon is more than three months in arrears, the authority shall, upon the demand of such bank, purchase from said bank such note by paying to said bank out of the reserve fund set aside to the credit of said bank, as herein provided, the total amount of principal and interest then due and owing to said bank on said note, but in no event shall any payment be made by the authority in excess of the amount then remaining to the credit of said bank in the reserve fund set aside for said bank, as herein provided.
L.1945, c. 185, p. 628, s. 9.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.4 - Guaranteed loans; purchase of notes on default

38:23B-14.4. Guaranteed loans; purchase of notes on default
In the event that a bank shall elect, pursuant to the provisions of section eight hereof, to have its veterans' loans guaranteed by the authority, then the authority shall purchase upon demand of such bank, to the extent of the resources of the veterans guaranty and insurance fund in excess of the total of all balances then held in reserve funds in accordance with the provisions of section nine hereof, any approved veteran's note which remains unpaid for thirty days after the date of maturity thereof, or on which any installment is more than three months in arrears, at a price equal to ninety per centum (90%) of the unpaid principal of such note.
L.1945, c. 185, p. 629, s. 10.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.4a - Total reserve funds

38:23B-14.4a. Total reserve funds
The sum total of all reserve funds set aside by the authority in accordance with the provisions of section nine of chapter one hundred eighty-five of the laws of one thousand nine hundred and forty-five, together with such amount as the commissioner may set aside, out of the veterans guaranty and insurance fund, to meet the payment by the authority of approved veterans' notes submitted to it for purchase in accordance with the provisions of section ten of chapter one hundred eighty-five of the laws of one thousand nine hundred and forty-five, shall in no event be less than twenty per centum (20%) of the total face amount of all approved veterans' loans from time to time outstanding.
L.1946, c. 121, p. 566, s. 14, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.5 - Limit on amount of guaranty and insurance liability outstanding

38:23B-14.5. Limit on amount of guaranty and insurance liability outstanding
The total amount of guaranty and insurance liability of the authority which may be outstanding at any time shall in no event exceed the sum of eleven million dollars ($11,000,000.00).
L.1945, c. 185, p. 629, s. 11.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-14.6 - Payments by bank to authority for guaranty or insurance

38:23B-14.6. Payments by bank to authority for guaranty or insurance
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.
L.1945, c. 185, p. 629, s. 12.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-16 - Liquidation of notes purchased; deferred payments

38:23B-16. Liquidation of notes purchased; deferred payments
The commissioner shall proceed to liquidate notes purchased by the authority as rapidly as possible, but shall develop and adopt programs for deferred payments by makers of such notes to avoid undue hardship or sacrifice of business values, without regard to the six-year limitations on maturity elsewhere contained in this act.
L.1944, c. 126, p. 349, s. 16. Amended by L.1945, c. 185, p. 630, s. 13, eff. April 17, 1945.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-17 - Business counsellors

38:23B-17. Business counsellors
The commissioner shall establish in each community where there may be a need, a business counseling service of nonsalaried counsellors, to advise with and assist veterans who apply for or obtain business loans under this act. Such counsellors shall be persons of proved business judgment and established reputation in the community, and shall be designated by the commissioner.
L.1944, c. 126, p. 349, s. 17. Amended by L.1947, c. 190, p. 840, s. 3, eff. May 23, 1947.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-18 - Duties of counsellors

38:23B-18. Duties of counsellors
The commissioner shall, through the business counsellors, consult with veterans applying for business loans for the purpose of approving or disapproving such loans. Business counsellors shall from time to time visit the place of business or profession of veterans using business loans under this act, and shall supervise the uses of such loans, advise and assist the veteran with respect to the business or profession, and perform such other duties as the commissioner may delegate to them.
L.1944, c. 126, p. 349, s. 18. Amended by L.1946, c. 121, p. 567, s. 16; L.1947, c. 190, p. 841, s. 4, eff. May 23, 1947.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-19 - Second loans

38:23B-19. Second loans
For either one of the purposes set forth in section one of this act, no veteran shall accept more than one loan under the provisions of this act, regardless of the amount of such loan, except that a veteran who has received a veteran's loan for less than the maximum amount of the loan to which he may be entitled for such purpose under this act, and who is otherwise eligible for a veteran's loan, may apply for and receive a second veteran's loan for such purpose. In such application the veteran shall disclose that it is for a second veteran's loan for such purpose, and the bank making such loan shall make certain that any unpaid portion of the first loan is paid in full, both as to principal and interest, from the proceeds of such second veteran's loan. In no event shall any veteran receive more than four veterans' loans under the provisions of this act, of which not more than two, totalling not more than three thousand dollars ($3,000.00), shall be for the purpose of establishing or re-establishing himself in a business or profession, and not more than two, totalling not more than one thousand dollars ($1,000.00) shall be for the purpose of financing the purchase of specific household furnishings or household appliances, or both, required by him for use in his home.
L.1944, c. 126, p. 349, s. 19. Amended by L.1946, c. 121, p. 568, s. 17.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-19.1 - Second loans to veterans serving during national emergency

38:23B-19.1. Second loans to veterans serving during national emergency
Any veteran who has served in the active military or naval service of the United States at any time after September sixteenth, one thousand nine hundred and forty, and prior to December thirty-first, one thousand nine hundred and forty-six; and who, having obtained one or more loans under the provisions of the Veterans' Loan Act (1944), repaid the same in full in accordance with the terms thereof; and who has also served in the active military or naval service of the United States after June twenty-third, one thousand nine hundred and fifty, and prior to December sixteenth, one thousand nine hundred and fifty, or during a period of national emergency as herein defined; and who applies for a loan under the provisions of said Veterans' Loan Act (1944) after his discharge or release from such further active service; shall, in regard to the limitation on the number of loans and amount thereof to any one veteran, contained in section nineteen of chapter one hundred twenty-six of the laws of one thousand nine hundred and forty-four, as amended, be deemed to be applying for a first loan under said Veterans' Loan Act (1944).
L.1951, c. 89, p. 486, s. 3, eff. May 22, 1951.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-20 - Offenses and penalties

38:23B-20. Offenses and penalties
Any person who, having obtained a veteran's loan under this act, solicits, applies for, or accepts another such loan, except as specifically authorized in this act, and any person who knowingly and willfully furnishes any false or misleading information for the purpose of obtaining a veteran's loan, or of enabling another to obtain a veteran's loan, under this act, shall be guilty of a misdemeanor and upon conviction thereof, be punished by a fine of not more than one thousand dollars ($1,000.00) or by imprisonment for not more than three years, or both.
L.1944, c. 126, p. 350, s. 20, eff. July 1, 1944.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-21 - Name of act

38:23B-21. Name of act
This act shall be known as the Veterans' Loan Act (1944).
L.1944, c. 126, p. 350, s. 21. Amended by L.1946, c. 121, p. 568, s. 18, eff. April 22, 1946.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-22 - Effective date

38:23B-22. Effective date
This act shall take effect July first, one thousand nine hundred and forty-four.
L.1944, c. 126, p. 350, s. 22, eff. July 1, 1944.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-22.1 - Veterans Loan Authority; powers

38:23B-22.1. Veterans Loan Authority; powers
The Veterans Loan Authority in the Division of Veterans' Services in the Department of Conservation and Economic Development may, with respect to the exercise of its functions related to loans insured or guaranteed by it under the Veterans' Loan Act (1944), the provisions of any other law to the contrary notwithstanding:
a. Consent to the modification, with respect to rate of interest, time of payment of principal or interest or any portion thereof, security or other provisions of any note, contract, mortgage or any instrument securing a loan which has been guaranteed or insured by the Authority;
b. Authorize payment of or compromise, subject to the approval in writing of the Attorney-General, any claim upon or arising as a result of any such guaranty or insurance;
c. Authorize payment of, compromise, waive or release, subject to the approval in writing of the Attorney-General, any debt, right, title, claim, lien or demand, however acquired, including any equity or right of redemption, the waiver or release of any debt, right, title, claim, lien or demand including any equity or right of redemption shall be sufficient if executed by the commissioner or his duly authorized deputy on behalf of the Authority; and the register or county clerk of any county and the clerk of any court is hereby authorized to cancel of record any lien, including but not limited to judgments, chattel mortgages and conditional sales agreements whenever the document evidencing such cancellation or request for cancellation is signed by the commissioner or his duly authorized deputy on behalf of the Authority; and the register and the clerk of any county is authorized to record any documents of the Authority signed by the commissioner or his duly authorized deputy on its behalf.
d. Purchase at any sale, public or private, upon such terms and for such prices as it determines to be reasonable and take title to, property, real, personal or mixed;
e. Sell at public or private sale, exchange, assign, convey or otherwise dispose of any such property upon such terms and for such prices as it determines to be reasonable;
f. Complete, administer, operate, obtain and authorize payment for insurance on and maintain, renovate, repair, modernize, lease or otherwise deal with any property acquired or held by it pursuant to the Veterans' Loan Act (1944) or this act;
g. Authorize payment from the Veterans' Guaranty and Insurance Fund and any income received by the investment of said fund, subject to rules and regulations of the Authority, disbursements, costs, commissions, attorney's fees and other reasonable expenses related to and necessary for the making and protection of guaranteed or insured loans and the recovery of moneys loaned or management of property acquired in connection with such loans.
L.1950, c. 216, p. 540, s. 2, eff. June 13, 1950.
2023 New Jersey Revised Statutes › Title 38 - Militia--Soldiers, Sailors and Marines › Section 38:23B-22.2 - Transfer of powers and duties of Veterans' Loan Authority to State Department of Law and Public Safety

38:23B-22.2. Transfer of powers and duties of Veterans' Loan Authority to State Department of Law and Public Safety
On June 30, 1958, all of the powers, duties and functions of the Veterans' Loan Authority and all of its records, papers, documents, evidences of obligations, securities, trust funds and property shall be transferred to the State Department of Law and Public Safety and, thereupon, the Attorney-General shall, as speedily as possible, complete any and all unfinished transactions of the said Authority and wind up its affairs. The Attorney-General is authorized and empowered to do and perform any and all acts to effectuate the provisions of this section. Upon the filing with the Secretary of State of a certificate by the Attorney-General that said transactions and affairs have been concluded, the act amended and supplemented by this act shall cease to be operative.
L.1950, c. 216, p. 542, s. 3. Amended by L.1955, c. 40, p. 154, s. 1, eff. June 2, 1955.