reglab/housing_qa huggingface dataset:
NJ Rev Stat § 17:16BB-2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-2 - Definitions relative to guaranteed asset protection waivers.

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. "Borrower" means a debtor, retail buyer or lessee, under a finance agreement. "Commissioner" means the Commissioner of Banking and Insurance. "Creditor" means: (1) the lender in a loan or credit transaction; (2) the lessor in a lease transaction;  (3) a dealer of motor vehicles that provides credit to retail buyers of motor vehicles, provided that the dealer complies with the provisions of this act; (4) the seller in commercial retail installment sales transactions; or (5) the assignees of any of the foregoing to whom the credit obligation is payable. "Department" means the Department of Banking and Insurance. "Finance agreement" means a loan, lease or retail installment sales contract for the purchase or lease of a motor vehicle. "Free look period" means the period of time from the effective date of the GAP waiver until the date the borrower may cancel the contract without penalty, fees or costs to the borrower, which period shall not be less than 30 days. "Guaranteed asset protection waiver" or "GAP waiver" means a contractual agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of the amount due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a separate addendum to, the finance agreement. "Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the laws of this State. "Motor vehicle" means self-propelled or towed vehicles designed for personal or commercial use, including but not limited to automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and motorcycle, boat, camper and personal watercraft trailers. "Person" includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity. The terms defined in this section are defined for purposes of this act and are not intended to provide actual terms required in guaranteed asset protection waivers. L.2017, c.82, s.2.
NJ Rev Stat § 17:16BB-3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-3 - Conditions for offer of GAP waiver.

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 monthly or periodic payment option. c. Notwithstanding any other provision of law, any cost to the borrower for a GAP waiver entered into in compliance with the Truth in Lending Act (15 U.S.C. s.1601 et seq.) and its implementing regulations, as they may be amended from time to time, shall be separately stated and shall not be considered a finance charge or interest.  d. A dealer of motor vehicles shall insure its GAP waiver obligations under a contractual liability or other insurance policy issued by an insurer. A creditor, other than a dealer, may insure its GAP waiver obligations under a contractual liability policy or other policy issued by an insurer. Any insurance policy may be directly obtained by a creditor, dealer, or may be procured by an administrator to cover a creditor's or dealer's obligations. However, dealers that are lessors of motor vehicles are not required to insure obligations related to GAP waivers on those leased vehicles. e. The GAP waiver shall remain a part of the finance agreement upon the assignment, sale or transfer of that finance agreement by the creditor. f. Neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease may be conditioned upon the purchase of a GAP waiver. g. Any creditor that offers a GAP waiver shall report the sale of, and forward funds received on, all waivers to the designated party, if any, as prescribed in any applicable administrative services agreement, contractual liability policy, other insurance policy or other specified program documents. h. Funds received or held by a creditor or administrator and belonging to an insurer, creditor or administrator, pursuant to the terms of a written agreement shall be held by that creditor or administrator in a fiduciary capacity. i. The total physical damage loss of a borrower's motor vehicle shall be determined in accordance with the terms of the borrower's primary motor vehicle insurance policy. In instances in which the borrower has no primary motor vehicle insurance or in which the primary motor vehicle insurer is insolvent at the time of loss, then a total loss shall be determined in accordance with the terms of the GAP waiver. L.2017, c.82, s.3.
NJ Rev Stat § 17:16BB-4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-4 - Obligations of insurer.

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 creditor and purchased or held by the borrower. b. Coverage under a contractual liability or other insurance policy insuring a GAP waiver shall also cover any subsequent assignee upon the assignment, sale or transfer of the finance agreement. c. Coverage under a contractual liability or other insurance policy insuring a GAP waiver shall remain in effect unless cancelled or terminated in compliance with applicable insurance laws of this State. d. The cancellation or termination of a contractual liability or other insurance policy shall not reduce the insurer's responsibility for GAP waivers issued by the creditor prior to the date of cancellation or termination and for which premium has been received by the insurer.  L.2017, c.82, s.4.
NJ Rev Stat § 17:16BB-5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-5 - Contents of GAP waiver agreement.

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 identity of any administrator if different from the creditor. b. The purchase price and the terms of the GAP waiver, including without limitation, the requirements for protection, conditions, or exclusions associated with the GAP waiver. c. That the borrower may cancel the GAP waiver at any time. If cancelled within the free look period as specified in the waiver, the borrower shall be entitled to a full refund of the purchase price, so long as no benefits have been provided; or if benefits have been provided, the borrower may receive a full or partial refund pursuant to the terms of the waiver. If cancelled after the free look period and no benefits have been provided, the borrower shall receive a pro rata refund less a cancellation fee no greater than $50, in accordance with the terms of the waiver. d. The procedure the borrower shall follow, if any, to obtain GAP waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits. e. (Deleted by amendment, P.L.2019, c.181) f. The procedures for cancelling the GAP waiver agreement and receiving any refund due pursuant to section 6 of P.L.2017, c.82 (C.17:16BB-6). g. The methodology for calculating any refund of the unearned purchase price of the GAP waiver due in the event of cancellation of the GAP waiver or early termination of the finance agreement. h. That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease, may be conditioned upon the purchase of the GAP waiver. L.2017, c.82, s.5; amended 2019, c.181, s.1.
NJ Rev Stat § 17:16BB-6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-6 - Cancellation of GAP waiver agreements, free look period.

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, so long as no benefits have been provided; or if benefits have been provided, the borrower may receive a full or partial refund pursuant to the terms of the waiver. In the event a borrower cancels the waiver after the free look period and no benefits have been provided, the borrower will be entitled to a pro rata refund of the purchase price, less any cancellation fee no greater than $50 in accordance with the terms of the waiver. b. In the event of a borrower's cancellation of the GAP waiver or early termination of the finance agreement after the agreement has been in effect beyond the free look period, the borrower shall be entitled to receive a pro rata refund of any unearned portion of the purchase price of the waiver. The creditor shall provide, or cause the administrator or retail seller to provide, the borrower any refund due pursuant to this section within 60 days of the event terminating the finance agreement, without requiring the borrower to request the refund, or within 60 days of the receipt of a borrower's cancellation of the GAP waiver. c. If the cancellation of a GAP waiver occurs as a result of a default under the finance agreement or the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as set forth in subsection d. of this section. d. Any cancellation refund under subsection a., b. or c. of this section may be applied by the creditor as a reduction of the amount owed under the finance agreement, unless the borrower can show that the finance agreement has been paid in full. L.2017, c.82, s.6; amended 2019, c.181, s.2.
NJ Rev Stat § 17:16BB-7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-7 - Certain exceptions.

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.
NJ Rev Stat § 17:16BB-8 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-8 - Actions by commissioner.

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 commissioner may: a. Order the creditor, administrator or any other person not in compliance with this act to cease and desist from further guaranteed asset protection waiver-related operations which are in violation of this act. b. Impose a penalty of not more than $500 per violation and no more than $10,000 in the aggregate for all violations of a similar nature. For purposes of this act, violations are of a similar nature if the violation consists of the same or similar course of conduct, action or practice, irrespective of the number of times the act, conduct or practice which is determined to be a violation of the act occurred. L.2017, c.82, s.8.
NJ Rev Stat § 17:16BB-9 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16BB-9 - GAP not construed as insurance.

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.
NJ Rev Stat § 17:16C-2 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-2 - Necessity of license

17:16C-2. Necessity of license  No person shall hereafter engage in or continue to engage in the business of a sales finance company or in the business of a motor vehicle installment seller in this State without first obtaining a license from the commissioner as provided for in this act; provided, however, that no sales finance company shall be required to obtain a license to engage in the business of a motor vehicle installment seller for the purpose of disposing of any goods to which it has obtained title as a result of legal or contract right under any retail installment contract; and provided, further, that any banking institution authorized to do business in this State shall be authorized to transact business as a sales finance company, subject to all of the provisions of this act, except that it shall not be required to obtain a license or pay a license fee hereunder. L.1960, c. 40, p. 145, s. 2.
NJ Rev Stat § 17:16C-3 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-3 - License application

17:16C-3. License application  3. An application for a new license or for a renewal thereof shall be accompanied by the required application and license fees, as appropriate, and shall be made on the forms and in the manner and accompanied by such evidence in support of the application as may be prescribed by the commissioner. L.1960,c.40,s.3; amended 1996, c.157, s.51.
NJ Rev Stat § 17:16C-4 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-4 - Issuance or refusal of license

17:16C-4. Issuance or refusal of license  Within 60 days after the filing of the application and the payment of the fees hereinafter set forth the commissioner shall either: (a) Issue and deliver to the applicant a license to engage in the business of a sales finance company or a motor vehicle installment seller in accordance with the provisions of this act at the location specified in the said application; or (b) Refuse to issue the license for any reason for which he may suspend, revoke or refuse to renew any license under section 10 of this act. L.1960, c. 40, p. 146, s. 4.
NJ Rev Stat § 17:16C-5 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-5 - Notice and hearing on refusal of license

17:16C-5. Notice and hearing on refusal of license  If the commissioner refuses to issue a license he shall: (a) Notify the applicant of the denial and of his right to request a hearing within 10 days. (b) If the applicant does not request a hearing, return the sum paid as a license fee. (c) If the applicant requests such a hearing, give notice of the grounds for refusal and hold a hearing thereon. Within 30 days thereafter the commissioner shall file a written decision containing his findings and conclusions and serve a copy thereof upon the applicant. L.1960, c. 40, p. 146, s. 5.
NJ Rev Stat § 17:16C-6 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-6 - License; specification of office or branch; transferability; transaction of business under other names or at other locations

17:16C-6. License; specification of office or branch; transferability; transaction of business under other names or at other locations  (a) Each license shall specify the location of the office or branch and must be conspicuously displayed therein. In case such location be changed, the commissioner shall endorse the change of location on the license without charge. (b) Such license shall not be transferable or assignable. (c) No licensee shall transact the business provided for by this act under any other name or maintain an office at any other location than that designated in the license. L.1960, c. 40, p. 146, s. 6.
NJ Rev Stat § 17:16C-7 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-7 - Application fee for sales finance companies, license period.

17:16C-7 Application fee for sales finance companies, license period.  7. Every application for a new license shall be accompanied by a nonrefundable application fee as provided in subsection d. of section 8 of P.L.1996, c.157 (C.17:11C-8). The license shall run from the date of issuance to the end of a term of not less than two years as set by the commissioner by regulation. L.1960,c.40,s.7; amended 1971, c.58, s.1; 1981, c.321, s.1; 1996, c.157, s.52; 1999, c.250, s.5; 2007, c.81, s.18.
NJ Rev Stat § 17:16C-8 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-8 - Motor vehicle installment seller; license, application fee.

17:16C-8 Motor vehicle installment seller; license, application fee.  8. With respect to a license fee imposed prior to the implementation of the assessment pursuant to P.L.2005, c.199 (C.17:1C-33 et al.), every motor vehicle installment seller shall pay to the commissioner at the time of making the application and biennially thereafter upon renewal a license fee for its principal office and for each additional place of business conducted in this State. The commissioner shall charge for a license such fee as he shall prescribe by rule or regulation. Each fee shall not exceed $300. The license shall run from the date of issuance to the end of the licensing period of not less than two years as set by the commissioner by regulation. Upon implementation of the assessment pursuant to P.L.2005, c.199 (C.17:1C-33 et al.), a license fee shall no longer be imposed or collected by the commissioner pursuant to this section, however a motor vehicle installment seller shall pay to the commissioner at the time of application a nonrefundable application fee not to exceed $300. L.1960,c.40,s.8; amended 1971, c.58, s.2; 1981, c.321, s.2; 2005, c.199, s.18; 2007, c.81, s.19.
NJ Rev Stat § 17:16C-9 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-9 - Abatement in amount of fee; expiration of license

17:16C-9. Abatement in amount of fee; expiration of license  No abatement in the amount of the said license fee shall be made if the license is issued for less than 1 year, nor if the license is surrendered, canceled or revoked prior to the expiration of the period for which such license was issued. Every license shall expire on December 31 of each year. L.1960, c. 40, p. 147, s. 9.
NJ Rev Stat § 17:16C-10 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-10 - Grounds for refusal to issue, revocation, suspension, refusal to renew license

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 opportunity for a hearing in accordance with the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.) and any rules adopted thereunder, that any person, applicant for or holder of the license has: (1) violated any of the provisions of P.L.1960, c.40 (C.17:16C-1 et seq.) or any order, rule or regulation made or issued pursuant to that act; (2) Withheld information or made a material misstatement in the application for the license; (3) Been convicted of an offense involving breach of trust, moral turpitude or fraudulent or dishonest dealing, or had a final judgment entered against him in a civil action upon grounds of fraud, misrepresentation or deceit; (4) Become insolvent, or failed to attain or maintain the required net worth; (5) Demonstrated unworthiness, incompetence, bad faith or dishonesty in the transacting of business as a licensee; or (6) Engaged in any other conduct which would be deemed by the commissioner to be the cause for denial of the license. b. A license of a corporation, partnership, association or other entity may be suspended or revoked if any officer, director or member of the licensee has committed any act which would be cause for suspending or revoking a license to him as an individual. c. No license issued under this act to a motor vehicle installment seller shall be valid unless such seller is the holder of a valid and subsisting license issued pursuant to chapter 10 of Title 39 of the Revised Statutes. L.1960,c.40,s.10; amended 1971, c.409, s.3; 1996, c.157, s.53.
NJ Rev Stat § 17:16C-11 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-11 - Suspension, revocation or refusal to renew particular license or all licenses issued to licensee

17:16C-11. Suspension, revocation or refusal to renew particular license or all licenses issued to licensee  The commissioner may suspend, revoke or refuse to renew the particular license with respect to which grounds for revocation, suspension or refusal to renew may occur or exist, or, if he finds that such grounds for suspension or revocation are of general application to all offices, or more than 1 office, operated by the licensee, he may revoke, suspend or refuse to renew all of the licenses issued to the licensee or such number of licenses as such grounds apply to, as the case may be. L.1960, c. 40, p. 148, s. 11.
NJ Rev Stat § 17:16C-12 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-12 - Surrender of license; effect upon civil or criminal liability

17:16C-12. Surrender of license; effect upon civil or criminal liability  Any licensee may surrender his license by delivering the license to the commissioner with written notice that he thereby surrenders the license, but such surrender shall not affect the licensee's civil or criminal liability for acts committed prior to the surrender. L.1960, c. 40, p. 148, s. 12.
NJ Rev Stat § 17:16C-13 (2021)
2021 New Jersey Revised Statutes|Title 17 - Corporations and Institutions for Finance and Insurance|Section 17:16C-13 - Suspension, revocation or refusal to renew license not to impair obligation of lawful retail installment contract or retail charge account

17:16C-13. Suspension, revocation or refusal to renew license not to impair obligation of lawful retail installment contract or retail charge account  No suspension, revocation or refusal to renew any license shall impair or affect the obligation of any lawful retail installment contract or retail charge account acquired previously thereto by the licensee. L.1960, c. 40, p. 148, s. 13. Amended by L.1971, c. 409, s. 4.