Maellaro v. Madison Finance Co. of Jersey City

The opinion of the court was delivered by

Heher, J.

The determinative question is whether respondent, a small loan company licensed under R. S. 17:10-1, et seq., was guilty of a violation of section 17:10-14 of the statute in these circumstances:

Appellant desired to purchase an automobile upon which there was a lien in the sum of $238. He applied to respondent for a loan in this sum to satisfy the lien. The application was granted with the understanding that appellant would give a mortgage upon the vehicle as security for the loan. The chattel was appraised at $255. Respondent also asked for a…