ASSEMBLY FINANCIAL INSTITUTIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 2320

STATE OF NEW JERSEY

DATED: OCTOBER 7, 1996

      The Assembly Financial Institutions Committee reports favorably Assembly Bill No. 2320.

      Limited liability companies and limited liability partnerships are types of entities recently authorized by the Legislature. These entities are used in business in a manner similar to corporations. This bill will make these new limited liability entities subject to the New Jersey usury law in the same manner as New Jersey corporations.