Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:11C-16. Net worth requirements for consumer lenders 16. a. Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer l…

17:11C-17 Change of address notice. 17. a. Nothing in this act or in the "Retail Installment Sales Act of 1960," P.L.1960, c.40 (C.17:16C-1 et seq.), shall be construed to require a consumer lender or a sales finance company to maintain an office in this State so long as it is qu…

17:11C-18 Commissioner's authority relative to issuance, revocation, oversight of licenses, enforcement. 18. The commissioner's authority with respect to issuing consumer lender and sales finance company licenses, and with respect to oversight of licensees and enforcement of the …

17:11C-19 Maintenance of books, accounts, records, documents. 19. a. Every consumer lender or sales finance company licensee shall identify the place of business where those books, accounts, records and other documents of the business conducted under the license, as may be prescr…

17:11C-2 Definitions regarding licensed lenders. 2. As used in this act: "Billing cycle" means the time interval between periodic billing dates. A billing cycle shall be considered monthly if the closing date of the cycle is the same date each month or does not vary by more than …

17:11C-21 Purchase of insurance by borrowers. 21. a. A borrower shall not be required to purchase credit life or accident and health insurance or credit involuntary unemployment insurance in connection with a consumer loan. If the borrower or borrowers consent thereto in writing,…

17:11C-3 License required for consumer lender, sales finance company. 3. a. No person shall engage in business as a consumer lender or sales finance company without first obtaining a license or licenses under this act. b. The department shall issue licenses under this act which s…

17:11C-32 Consumer loans permitted by consumer lender, terms. 32. a. Notwithstanding the provisions of R.S.31:1-1 or any other law to the contrary, every consumer lender authorized to engage in the consumer loan business may loan any sum of money not exceeding $50,000, repayable …

17:11C-33 Additional charges prohibited on consumer loan; violations. 33. a. In addition to the interest herein provided for on a consumer loan, no further or other charge, or amount whatsoever for any examination, service, brokerage, commission, expense, fee, or bonus or other t…

17:11C-34 Requirements for consumer lender relative to closed-end loan. 34. Every consumer lender, incident to a closed-end consumer loan, shall: a. Deliver to the borrower at the time a loan is made a statement in the English language showing in clear and distinct terms the amou…

17:11C-35. Limits on closed-end consumer loans 35. a. No closed-end consumer loan in an amount of $1,000 or less shall be made for a greater period of time than 36 months and 15 days. b. No closed-end consumer loan in an amount in excess of $1,000, but not exceeding $2,500, shall…

17:11C-36 Open-end consumer loans; conditions, terms. 36. a. A licensee authorized to engage in the consumer loan business may make open-end consumer loans and may contract for, and receive thereon, interest at an annual percentage rate or rates agreed to by the licensee and the …

17:11C-37 Prohibited charges for large consumer loans. 37. No licensee authorized to engage in the consumer loan business shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than the licensee would be permitted by law to …

17:11C-38 Certain payments deemed loan secured by assignment. 38. The payment of $50,000 or less in money, credit, goods or things in action, as consideration for any sale, assignment or order for the payment of wages, salary, commissions or other compensation for services, wheth…

17:11C-39. Validity of chattel mortgage, security interest, conditions 39. No chattel mortgage or security interest, as defined in N.J.S.12A:1-201, in, or other lien on, household furniture then in the possession and use of the borrower, taken in connection with a consumer loan, …

17:11C-40 Loans secured by property. 40. The payment of $50,000 or less in money, credit, goods or things in action as consideration for any sale of personal property which is made on condition that the property be sold back at a greater price shall, for the purposes of this act,…

17:11C-41 Consumer lenders, prohibited practices. 41. The following practices shall be prohibited and a violation of the "New Jersey Consumer Finance Licensing Act," sections 1 through 49 of P.L.1996, c.157 (C.17:11C-1 et seq.): a. No consumer lender shall make any loan upon secu…

17:11C-42 Investigations, examinations of licensees. 42. a. The commissioner may make such investigations and examinations of any licensee or other person as the commissioner deems necessary to determine compliance with this act and the orders, rules and regulations issued hereun…

17:11C-43 Annual report by licensees; violations, penalties. 43. A consumer lender or sales finance company licensee shall annually file a report with the commissioner which shall set forth such information as the commissioner shall require concerning the business conducted as a …

17:11C-44. Agreements unenforceable, void 44. Any agreement to waive any provision of this act shall be unenforceable and void. L.1996,c.157,s.44.

17:11C-49. Rules, regulations 49. The commissioner may issue and promulgate rules and regulations, in accordance with the "Administrative Procedure Act," P.L.1968, c. 410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act. L.1996,c.157,s.49.

17:11C-51 Short title. 1. Sections 1 through 39 of P.L.2009, c.53 (C.17:11C-51 through C.17:11C-89) shall be known and may be cited as the "New Jersey Residential Mortgage Lending Act." L.2009, c.53, s.1.

17:11C-52 Findings, declarations relative to certain licensed lending activities. 2. The Legislature finds and declares that the activities of residential mortgage lenders and residential mortgage brokers, previously licensed in New Jersey as mortgage bankers, correspondent mortg…

17:11C-53 Definitions relative to certain licensed lending activities. 3. As used in this act: "Approved conditional status" means the status of the license of an individual who has satisfied all conditions for licensure as a mortgage loan originator or qualified individual licen…

17:11C-54 Licensing requirements. 4. Except as provided under section 5 of this act, beginning no later than July 31, 2010, or a later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508 of the…

17:11C-55 Inapplicability of act. 5. The requirements of this act shall not apply to: a. Depository institutions; but subsidiaries and service corporations of these institutions shall not be exempt. A depository institution may register with the department for the purpose of spon…

17:11C-56 Conditions for issuance of licenses for residential mortgage lenders, brokers. 6. Beginning no later than July 31, 2010, or a later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508…

17:11C-57 Issuance of licenses for mortgage loan originators, individual licensees, lenders, brokers. 7. Beginning no later than July 31, 2010, or a later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of…

17:11C-58 Fees for license applications. 8. a. An applicant for a new license or for a renewal of a license to be a residential mortgage lender or residential mortgage broker, as a business licensee: (1) Shall pay to the commissioner at the time of the application a nonrefundable…

17:11C-59 Required educational courses. 9. a. An applicant for a new license as a mortgage loan originator or a qualified individual licensee shall complete, as a pre-licensing requirement, at least 20 hours of education from an educational course provided by an educational cours…

17:11C-6. Exempt consumer loan business, certain 6. A depository institution, trust company, insurance company, or pawnbroker operating under R.S.45:22-1 et seq., may conduct consumer loan business without obtaining a license under this act and without being subject to this act. …

17:11C-60 Written test required for licensure. 10. a. (1) An applicant for a new license as a mortgage loan originator or a qualified individual licensee shall pass, as a pre-licensing requirement, a qualified written test, developed by the Nationwide Mortgage Licensing System an…

17:11C-61 Educational requirements for license renewal. 11. a. An applicant for a renewal of a license as a mortgage loan originator or a qualified individual licensee, shall complete, as a requirement for the license renewal, at least 12 hours of education from one or more conti…

17:11C-62 Registration, assignment of unique identifier. 12. a. An applicant for an initial license or for a renewal of a license as a mortgage loan originator, transitional mortgage loan originator, or a qualified individual licensee shall, as a licensing requirement, be registe…

17:11C-63 Business licensee required to obtain blanket bond. 13. A business licensee, prior to doing business as a residential mortgage lender or residential mortgage broker, shall obtain a blanket bond in an amount and form prescribed by regulations of the commissioner, but not …

17:11C-64 Minimum net worth required for applicant for business license. 14. a. (1) Each applicant for a business license as a residential mortgage lender shall demonstrate that it has tangible net worth of at least $250,000, except that an applicant for a business license as a c…

17:11C-65 Maintenance of branch offices; manager. 15. a. A residential mortgage lender or residential mortgage broker that is a business licensee may maintain a branch office or offices. The business licensee shall obtain a license for each branch office in this State and each br…

17:11C-66 Construction of act relative to maintenance of office in-State. 16. a. Nothing in this act shall be construed to require a business licensee that is licensed as a residential mortgage lender or residential mortgage broker to maintain an office in this State so long as i…

17:11C-67 Regulations relative to license. 17. a. (1) The license for a residential mortgage lender or residential mortgage broker, and the license of a qualified individual licensee, shall state the name of the business licensee and the licensee's place or places of business, as…

17:11C-68 Expiration, continuance, reinstatement, surrender of license. 18. a. Each residential mortgage lender, residential mortgage broker, and mortgage loan originator license issued pursuant to this act shall expire in accordance with the following schedule: (1) for any licen…

17:11C-69 Approval for sale, transfer of controlling interest. 19. Any sale or transfer of a controlling interest in a residential mortgage lender or residential mortgage broker applicant's or licensee's business shall be approved by the commissioner prior to the transfer or sale…

17:11C-7 Conditions for issuance of license. 7. The commissioner shall issue a license under this act if the following conditions are met: a. An application for a new license or for a renewal of a license shall be submitted to the commissioner on the forms and in the manner, and …

17:11C-70 Authority of commissioner relative to issuing licenses. 20. a. The commissioner's authority with respect to issuing licenses shall include the following: (1) The commissioner may access, receive and use any information or material required of an applicant or licensee pu…

17:11C-71 Identification of place of business, storing of books, accounts, records; accessibility. 21. a. Every residential mortgage lender, residential mortgage broker, and mortgage loan originator shall identify the place of business where those books, accounts, records and oth…

17:11C-72 Provision of unique identifier required. 22. a. Every residential mortgage lender or residential mortgage broker as qualified individual licensees, and every mortgage loan originator licensee shall provide, in a conspicuous manner, the unique identifier assigned to the …

17:11C-73 Insurance requirements for borrowers. 23. a. A borrower shall not be required to purchase credit life or accident and health insurance or credit involuntary unemployment insurance in connection with any mortgage loan. If the borrower or borrowers consent thereto in writ…