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

17:15C-20 Limitation of licensee's responsibility. 20. A licensee's responsibility to any person for a money transmission conducted on that person's behalf by the licensee or the licensee's authorized delegate shall be limited to the amount of money transmitted or the face amount…

17:15C-21 Applicability of APA. 21. The provisions of the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) shall apply to any hearing afforded pursuant to this act. L.1998,c.14,s.21.

17:15C-22 Violations, penalties. 22. a. If, after notice and hearing, the commissioner finds that a person has violated any provision of this act or a rule adopted under this act, the commissioner may order the person to pay the commissioner a civil penalty in an amount specified…

17:15C-23 Powers of commissioner. 23. a. If it appears to the commissioner that any person has committed or is about to commit a violation of any provision of this act or of any rule or order of the commissioner, the commissioner may apply to the Superior Court for an order enjoi…

17:15C-24 Violations designated fourth, third degree crimes. 24. a. Any person who knowingly and willfully violates any provision of this act for which a penalty is not specifically provided is guilty of a crime of the fourth degree. b. Any person who knowingly and willfully make…

17:15C-25 Regulations. 25. The commissioner shall promulgate regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act. L.1998,c.14,s.25.

17:15C-26 Presumptions regarding licensees, delegates; service of process. 26. a. Any licensee, authorized delegate or other person who engages in business activities that are regulated under this act, with or without filing an application, is deemed to have done both of the foll…

17:15C-27 Application required for those currently doing business; status of current licensees. 27. a. Every person engaged in activities within this State encompassed by this act on the effective date of this act, except those persons already licensed under chapter 15 of Title 1…

17:15C-3 Inapplicability of act; exemptions. 3. a. This act shall not apply to: (1) The United States or any department, agency, or instrumentality thereof; (2) The United States Postal Service; (3) The State or any political subdivision thereof; (4) Banks, bank holding companies…

17:15C-4 License required. 4. a. No person, other than a person exempt from the provisions of this act pursuant to section 3, shall engage in the business of money transmission without a license as provided in this act. b. A licensee may conduct its business in this State at one …

17:15C-5 Net worth requirements for licensees. 5. a. (1) Except as provided pursuant to paragraph (2) of this subsection a., for a person licensed to engage in business in this State only as a foreign money transmitter, each licensee shall at all times have a net worth of not les…

17:15C-6 Possession of security device, permissible investments. 6. a. Each licensee shall at all times possess a surety bond, irrevocable letter of credit or such other similar security device acceptable to the commissioner in the amount required pursuant to section 8 of this ac…

17:15C-7 Application for license; requirements. 7. Each application for a license shall be made in writing, under oath, and in a form prescribed by the commissioner. Each application shall contain: a. For all applicants: (1) The exact name of the applicant, the applicant's princi…

17:15C-8 Accompaniment of application with security device; amounts required; conditions. 8. a. (1) Except as provided pursuant to paragraph (2) of this subsection a., each application shall be accompanied by a surety bond, irrevocable letter of credit or such other similar secur…

17:15C-9 Investigation of applicants for licensing, renewal; licensing period. 9. a. Upon the filing of a complete application, in the case of an initial application, or the filing of a complete renewal application, the commissioner shall investigate the financial condition and r…

17:16A-1. Definitions As used in this chapter a. "Investment company" means any corporation, foreign or domestic, any partnership or any individual which engages principally in an investment business as defined in this section, but this chapter shall not be construed to affect an…

17:16A-10. Investment contracts; form; approval by Commissioner; review Except as herein otherwise provided, no investment contract shall be issued by any investment company of this State or be made, issued, solicited, sold or delivered in this State by any investment company of …

17:16A-11. Reserves on investment contracts Every investment company authorized to transact business in this State shall maintain on all its outstanding investment contracts the reserves specified in this section. The reserve on any investment contract at any time shall not be le…

17:16A-12. Surrender values under investment contracts Every investment contract issued or delivered in this State to any resident of this State by any investment company, providing for payments, dues or deposits by the holder to the company on an installment plan over a period o…

17:16A-13. Annual reports of financial condition Every investment company transacting business in this State shall annually on or before March first file in the department a statement, subscribed and sworn to by its president and secretary, or, in their absence, by two of its pri…

17:16A-14. Examination of affairs; expenses; duty to exhibit books, records and accounts The commissioner may, whenever he deems the same expedient, make or cause to be made, an examination of the assets and liabilities, method of conducting business and all other affairs of ever…

17:16A-15. Fees The commissioner shall charge and collect for his services under the provisions of this chapter and pay into the State Treasury the following fees: for issue of certificate of authority annually, $250.00; for filing the certified copy of the charter, deed of settl…

17:16A-16. Revocation of certificate of authority of foreign investment company When the commissioner shall find that the affairs of any investment company incorporated under the laws of another State or country are in an unsound condition because of illegal or unsafe investments…

17:16A-17. Procedure for revocation of certificate of authority of foreign company Before any such certificate of authority shall be cancelled or revoked as provided in section sixteen of this chapter, the commissioner shall give at least twenty days' notice by mail to the compan…

17:16A-18. Revocation, cancellation or refusal to issue certificate of authority; review The revocation or cancellation by the commissioner of a certificate of authority or the refusal or failure by the commissioner to issue or renew a certificate of authority within a reasonable…

17:16A-19. Domestic investment companies; insolvency; suspension of business and other acts; receiver; injunction When any investment company of this State shall become insolvent or shall suspend its ordinary business for want of funds to carry on the same, or when the commission…

17:16A-2. Compliance with law before doing business; liability of directors and corporators for transacting business without certificate of authority Prohibition to do business. No investment company as defined in this chapter shall undertake the transaction of an investment busi…

17:16A-20. Offenses and penalties If any investment company itself or by its agents, attorneys, solicitors, surveyors, canvassers, collectors or other representatives of whatsoever designation shall solicit, negotiate, or in anywise transact any business in this State except in t…

17:16A-3. Authorization of domestic companies, individuals and partnerships Authorization of domestic companies, individuals and partnerships. An investment company, other than a foreign corporation, desiring to secure a certificate of authority shall make application to the comm…

17:16A-4. Foreign investment companies; requirements for admission Any investment company incorporated by authority of another State or Foreign Government, upon complying with the conditions hereinafter specified, may be admitted to transact in this State any business authorized …

17:16A-5. Officers or agents of foreign investment companies; certificate of authority No officer or agent of any foreign investment corporation shall make, issue, sell, offer for sale, negotiate or guarantee any investment contract or transact any business or act, or aid in any …

17:16A-6. Service of process on Commissioner as attorney for foreign investment company When any original process is served upon the commissioner as attorney for an investment company of another State, and a service fee of $10.00 paid to him, he shall forthwith notify the company…

17:16A-7. Certificate of authority as prima facie evidence of incorporation of foreign company When an investment company of another State shall hold the certificate of the commissioner authorizing it to transact business in this State, in any civil action in which such company i…

17:16A-8. Securities deposited with Commissioner a. The commissioner may order a change of any of the securities deposited by any investment company incorporated under the laws of any other State or country as hereinabove provided, or any part of them, at any time during the cont…

17:16A-9. Investment of capital, surplus or other funds An investment company incorporated under the laws of this State, for the purpose of investing its capital, surplus or other funds, or any part thereof, may purchase or hold as collateral security or invest in any and all the…

17:16BB-1 Purpose of act. 1. a. The purpose of this act is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this State. b. This act shall not apply to: (1) An insurance policy offered by an insurer under the insurance l…

17:16BB-2 Definitions relative to guaranteed asset protection waivers. 2. As used in this act: "Administrator" means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a guaranteed asset protection waiver program. "Borro…

17:16BB-3 Conditions for offer of GAP waiver. 3. a. A GAP waiver may be offered, sold or provided to borrowers in this State in compliance with the provisions of this act. b. A GAP waiver may, at the option of the creditor, be sold for a single payment or may be offered with a mo…

17:16BB-4 Obligations of insurer. 4. a. Contractual liability or other insurance policies insuring GAP waivers shall state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the GAP waivers issued by the cre…

17:16BB-5 Contents of GAP waiver agreement. 5. A GAP waiver agreement shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following: a. The name and address of the initial creditor and the borrower at the time of sale, and the…

17:16BB-6 Cancellation of GAP waiver agreements, free look period. 6. a. GAP waiver agreements shall be cancellable. A GAP waiver shall provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, s…

17:16BB-7 Certain exceptions. 7. A GAP waiver offered in connection with a lease or retail installment sale associated with a commercial transaction shall not be subject to: subsection c. of section 3; section 5; or section 8 of this act. L.2017, c.82, s.7.

17:16BB-8 Actions by commissioner. 8. The commissioner may take any action which is necessary or appropriate to enforce the provisions of this act and to protect guaranteed asset protection waiver holders in this State. After proper notice and opportunity for hearing, the commiss…

17:16BB-9 GAP not construed as insurance. 9. GAP waivers issued in this State prior to and after the effective date of this act shall not be construed as insurance. L.2017, c.82, s.9.

17:16C-1. Definitions In this act, unless the context otherwise requires, the following words and terms shall have the following meanings: (a) "Goods" means all chattels personal which are primarily for personal, family or household purposes, including merchandise certificates an…

17:16C-10. Grounds for refusal to issue, revocation, suspension, refusal to renew license 10. a. The commissioner may refuse to issue and may revoke, suspend or refuse to renew a license or impose a penalty pursuant to this act if the commissioner finds, after notice and an oppor…