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

17:16F-12. Findings, declarations The Legislature finds and declares that: a. The decision by a person to assume a mortgage loan in order to buy a home is one of the most significant decisions that person will make, the impact of which will last over the person's lifetime. b. In …

17:16F-13. Rules, regulations The Commissioner of Banking shall, in addition to other regulatory powers, have the authority to promulgate rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), applicable to the mortgage loan a…

17:16F-14. Annual report to the Legislature The Commissioner of Banking shall report annually to the appropriate committees of the Legislature regarding existing and suggested regulations which assure that borrowers are treated fairly and are afforded adequate protection from arb…

17:16F-15. Definitions As used in this act: "Commissioner" means the Commissioner of Community Affairs. "Duplicate copy" means a duplicate of the original property tax bill which duplicate is generated by the collector of a taxing district. "Mortgagee" means the holder of a mortg…

17:16F-17. Transfer of mortgage loan to purchasing servicing organization 3. If the servicing of a mortgage loan for which a mortgage escrow account has been established is sold, assigned or transferred to a purchasing servicing organization: a. (Deleted by amendment, P.L.1997, c…

17:16F-18. Disbursement of escrow funds by mortgagee or servicing organization a. Each mortgagee or servicing organization requiring a mortgagor to make payments into an escrow account shall make each disbursement from the escrow account before the amount due becomes delinquent, …

17:16F-19. Payment of mortgagor's property tax a. Payments for a mortgagor's property tax shall be made using the original tax bill, a duplicate copy thereof, or a replacement bill containing at least the lot and block number, street address, name of the property owner and amount…

17:16F-2. Definitions As used in this act: a. "Depository institution" means any banking institutions as defined in section 1 of the Banking Act of 1948, P.L.1948, c. 67 (C. 17:9A-1), any association as defined in the Savings and Loan Act (1963), P.L.1963, c. 144 (C. 17:12B-1 et …

17:16F-23. Written notice of property tax delinquency payment a. The tax collector of a taxing district shall send a written notice of a property tax delinquency to the mortgagor and the applicable servicing organization within 60 days after the tax payment on the property is del…

17:16F-24. Notification to mortgagee of tax delinquency a. If a mortgagor's property taxes remain unpaid so as to subject the mortgagor's property to a tax sale pursuant to Article 4 of the "tax sale law" (R.S.54:5-19 et seq.), and if the property tax payments are to be made or a…

17:16F-25. Failure to resolve tax payment delinquency a. Upon failure by the mortgagee or its servicing organization to resolve the tax payment delinquency within 30 days of the date of the notice provided pursuant to section 11 of P.L.1990, c.69 (C.17:16F-24) a mortgagor may: (1…

17:16F-26. Unpaid property taxes, mortgagor may sue mortgagee If a mortgagor's property taxes remain unpaid so as to subject the mortgagor's property to a tax sale pursuant to Article 4 of the "tax sale law" (R.S.54:5-19 et seq.), and if the mortgagor's property tax payments are …

17:16F-27 Short title. 1. This act shall be known and may be cited as the "Mortgage Servicers Licensing Act." L.2019, c.65, s.1.

17:16F-28 Definitions relative to mortgage servicers. 2. As used in this act: "Branch office" means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a mortgage servicer. "Commissioner" means the Commissioner of Banking and In…

17:16F-29 Licensure for mortgage servicer required; exceptions. 3. a. On and after the effective date of this act, no person shall act as a mortgage servicer, directly or indirectly, without first obtaining a license under section 4 of this act from the commissioner for its main …

17:16F-3. Discrimination in acceptance of applications, grants, modification, etc., or discouragement or refusal to allow application or inquiry; prohibition a. No depository institution shall discriminate by intent or in effect, on a basis that is arbitrary or unsupported by a r…

17:16F-30 Issuance of mortgage servicer license; requirements. 4. a. The commissioner shall issue a mortgage servicer license to an applicant if the commissioner finds that: (1) the applicant has identified a qualified individual for its main office, and a branch manager for each…

17:16F-31 Filing of information relative to mortgages serviced. 5. At least annually, a mortgage servicer shall file with the commissioner the following information with respect to mortgages that it services in this State: a. a current schedule of the ranges of costs and fees it …

17:16F-32 License not transferable or assignable; surrender; name change. 6. a. A mortgage servicer license shall not be transferable or assignable. A licensee shall not use any name other than its legal name or a fictitious name approved by the commissioner, provided the license…

17:16F-33 Expiration of initial license; renewals; fees. 7. a. An initial mortgage servicer license shall expire at the close of business on December 31 of the year in which it is approved, except that any license that is approved on or after November 1 shall expire at the close …

17:16F-34 Exemptions from licensure; required filings. 8. a. A mortgage servicer applicant or licensee and any person exempt from mortgage servicer licensure pursuant to paragraph (4) of subsection b. of section 3 of this act shall file with the commissioner: (1) a surety bond, w…

17:16F-35 Exemptions to maintain adequate records. 9. a. A mortgage servicer licensee and person exempt from licensure pursuant to paragraph (4) of subsection b. of section 3 of this act shall maintain adequate records of each residential mortgage loan transaction at the office n…

17:16F-36 Disclosures to mortgagor. 10. Upon assignment of servicing rights on a residential mortgage loan, the mortgage servicer shall disclose to the mortgagor: a. any notice required by the "Real Estate Settlement Procedures Act of 1974" (12 U.S.C. s.2601 et seq.), and the reg…

17:16F-37 Compliance with federal laws, regulations. 11. a. A mortgage servicer shall comply with all applicable federal laws and regulations relating to mortgage loan servicing, including, but not limited to: (1) the "Real Estate Settlement Procedures Act of 1974" (12 U.S.C. s.2…

17:16F-38 Schedule of fees. 12. a. A mortgage servicer shall maintain and keep current a schedule of fees that it charges mortgagors for its servicing-related activities. The schedule shall identify each fee, provide a plain English explanation of the fee and state the amount of …

17:16F-39 Prohibited actions. 13. A mortgage servicer shall not: a. directly or indirectly employ any scheme, device or artifice to defraud or mislead mortgagors or mortgagees or to defraud any person; b. engage in any unfair or deceptive practice toward any person or misrepresen…

17:16F-40 Authority of commissioner. 14. a. The commissioner shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or gen…

17:16F-41 Suspension, revocation, failure to renew license. 15. a. The commissioner may suspend, revoke or refuse to renew any mortgage servicer license or take any other action for any reason which would be sufficient grounds for the commissioner to deny an application for the l…

17:16F-42 Violators barred from acting as residential mortgage servicer. 16. The commissioner may order that any person who has been found to have knowingly violated any provision of this act, or of the rules and regulations issued pursuant hereto, and has thereby caused financia…

17:16F-43 Civil penalty. 17. The commissioner may impose a civil penalty not exceeding $25,000 on any person for a violation of this act. Each violation of this act, including any order, rule or regulation made or issued pursuant to this act, shall constitute a separate offense. …

17:16F-44 Construction of act. 18. The rights, remedies and prohibitions accorded by the provisions of this act are in addition to and cumulative of any right, remedy or prohibition accorded by the common law or any statute of this State and nothing contained herein shall be cons…

17:16F-45 Inapplicability. 19. The provisions of sections 3 through 12 of this act shall not apply to: (1) a person exempt from licensure as a residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act," P.L.2009, c.53 (C.17:11C-51 through C.17:11C-8…

17:16F-46 Rules, regulations. 20. The Commissioner of Banking and Insurance may adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), including any fines or penalties, necessary to effectuate the provisions of this act.…

17:16F-7. Action for violations; damages; amount Any person or applicant who has been discriminated against as a result of a violation of section 3 of this act may bring an action in New Jersey in a court of competent jurisdiction. Upon finding that a depository institution is in…

17:16F-8. Investigations; power of commissioner; subpenas and orders to testify; enforcement The commissioner of banking shall have the power to make such investigations into any matter pertaining to this act as he shall deem necessary, including the power to hold hearings, issue…

17:16F-9. Order to cease and desist If the commissioner finds that a depository institution is violating the provisions of this act, he shall order the institution to cease its unlawful practices. Such order shall be subject to review, hearing and relief in the Superior Court by …