reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-23 - Written notice of property tax delinquency payment

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 delinquent. However, the validity of the tax delinquency and the time it is due shall not be affected by the failure of the mortgagor or the servicing organization to receive the notice.
b. If the tax payments of the mortgagor are to be made by the mortgagee or its servicing organization from an escrow account; the mortgagee or its servicing organization has been authorized to receive and has been sent the original tax bill in time to make the property tax payment without being delinquent; the mortgagor has made escrow account payments in accordance with the schedule provided by the mortgagee or its servicing organization; the mortgagor and the mortgagee or its servicing organization have received notice pursuant to subsection a. of this section; and at least 21 days have elapsed since the mortgagor and the mortgagee or its servicing organization have received that notice, a mortgagor may:
(1) Pay the delinquent property taxes including interest using the copy of the tax bill sent him pursuant to R.S.54:4-64;
(2) Notify the mortgagee or its servicing organization in writing that payment for the mortgagor's property taxes has been made and include a copy of the paid tax bill which includes the interest paid; and
(3) Stop making scheduled payments into the escrow account until the total amount paid by the mortgagor pursuant to paragraph (1) of this subsection is equaled.
c. If the mortgagor makes a tax payment and notifies the mortgagee or servicing organization pursuant to paragraphs (1) and (2) of subsection b. of this section, the mortgagee or its servicing organization, upon receipt of the notice and a copy of the paid tax bill, shall credit the mortgagor's mortgage escrow account in an amount equal to the interest paid by the mortgagor and provide the mortgagor a notice to that effect.
L.1990,c.69,s.10; amended 1991,c.111,s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-24 - Notification to mortgagee of tax delinquency

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 are made by the mortgagee or a servicing organization which receives the original tax bill, the tax collector of the taxing district shall send a written notice by mail to the mortgagee or the servicing organization, of the tax delinquency status. This notice shall include the mortgagor's name, an identification of the property, the total amount of property taxes and interest due and an attachment which contains the provisions of section 12 of this act and an interpretive statement of that section provided by the commissioner.
b. A copy of the notice required by subsection a. of this section shall be mailed to the mortgagor at the same time it is mailed to the mortgagee or the servicing organization.
L.1990,c.69,s.11.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-25 - Failure to resolve tax payment delinquency

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) Pay the delinquent property taxes including interest using the notice sent the mortgagor pursuant to subsection b. of section 11 of P.L.1990, c.69 (C.17:16F-24); and
(2) Make arrangements to make all future payments for property taxes, insurance and other charges with respect to the real property which secures the mortgage loan, and make payments to the mortgagee or its servicing organization only for the principal, interest and other non-escrow charges required by the mortgage loan documents.
b. If a mortgagor takes the actions permitted under subsection a. of this section, the mortgagor shall:
(1) Send a copy of the paid tax bill to the mortgagee or its servicing organization along with a notice that, pursuant to subsection a. of this section:
(a) The mortgagor is no longer required to make payments into the mortgage escrow account; and
(b) The mortgagor will make all future payments for property taxes, insurance and other charges with respect to the real property which secures the mortgage loan, and will make payments to the mortgagee or its servicing organization only for the principal, interest and other non-escrow charges required by the mortgage loan documents.
(2) Forward to the mortgagee or its servicing organization, on at least an annual basis, copies of paid tax, insurance and other charges with respect to the real property which secures the mortgage loan.
c. Within 10 days of receipt of the copy of the paid tax bill and the notice required pursuant to subsection b. of this section, the mortgagee or its servicing organization shall remit the existing escrow account balance to the mortgagor;
d. If, subsequent to taking the actions permitted under subsection a. and required under subsection b. of this section, the mortgagor fails to pay property taxes, insurance or other charges with respect to the real property which secures the mortgage loan, the mortgagee or its servicing organization may, at its sole discretion, pay any delinquent property taxes, insurance or other charges with respect to the real property which secures the mortgage loan and recover from the mortgagor any amount so paid with interest. Such payment by the mortgagee or its servicing organization shall be without prejudice to the rights the mortgagee may have, by contract or law, with regard to the enforcement of its mortgage agreement concerning nonpayment of property taxes, insurance or other charges with respect to the real property which secures the mortgage loan.
L.1990,c.69,s.12; amended 1991,c.111,s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-26 - Unpaid property taxes, mortgagor may sue mortgagee

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 made by a mortgagee or a servicing organization which receives the original tax bill, and a mortgagor's name appears in the notice which the collector of taxes is required to print pursuant to R.S.54:5-25 due to the failure of the mortgagee or the servicing organization to resolve the delinquency, the mortgagor may sue the mortgagee or the servicing organization in a court of competent jurisdiction for damages, including court costs and attorneys' fees and the cost of printing a correction in the same newspaper or newspapers in which the notice of tax delinquency appeared.
L.1990,c.69,s.13.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-29 - Licensure for mortgage servicer required; exceptions.

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 office, which shall be designated by the mortgage servicer, and each branch office where business is conducted, unless the person is exempt from licensure pursuant to subsection b. of this section.
b. The following persons shall be exempt from mortgage servicer licensing requirements:
(1) any bank, out-of-state bank, credit union chartered in New Jersey, federal credit union, or out-of-state credit union, provided the bank or credit union is federally insured;
(2) any wholly-owned subsidiary of the bank or credit union;
(3) any operating subsidiary in situations in which each owner of the operating subsidiary is wholly owned by the same bank or credit union;
(4) any person licensed 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-89) while acting as a mortgage servicer, provided that:
(a) the person meets the supplemental mortgage servicer surety bond, fidelity bond, and errors and omissions coverage requirements under section 8 of this act; and
(b) during any period that the license of the residential mortgage lender in this State has been suspended, the exemption shall not be effective; and
(5) the New Jersey Housing and Mortgage Finance Agency.
c. The provisions of sections 9 through 12 of this act shall apply to any person, including a person exempt from licensure pursuant to subsection b. of this section, who acts as a mortgage servicer in this State on or after the effective date of this act.
L.2019, c.65, s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-31 - Filing of information relative to mortgages serviced.

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 charges mortgagors for its servicing-related activities;
b. a report in a form and format acceptable to the commissioner detailing the mortgage servicer's activities in the State, including:
(1) the number of residential mortgage loans the mortgage servicer is servicing; and
(2) the type and characteristics of the residential mortgage loans the mortgage servicer is servicing;
c. the number of serviced residential mortgage loans in default, along with a breakdown of 30, 60, and 90-days of delinquency;
d. a description of the mortgage servicer's loss mitigation activities, including details on workout arrangements undertaken; and
e. the number of foreclosures commenced.
L.2019, c.65, s.5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-33 - Expiration of initial license; renewals; fees.

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 of business on December 31 of the year following the year in which it is approved. An application for renewal of a license shall be filed between November 1 and December 31 of the year in which the license expires and a renewal license shall expire at the close of business on December 31 of the third year after the year in which it was approved. Each applicant for an initial license or renewal of a license as a mortgage servicer shall pay to the department any required fees or charges and a license fee of $1,000. Each applicant for a renewal license shall pay to the department any required fees or charges and a license fee of $3,000.
b. All fees paid pursuant to this section, including fees paid in connection with an application that is denied or withdrawn prior to the issuance of the license, shall be nonrefundable. A fee paid pursuant to this section shall not be prorated if the license is surrendered, revoked or suspended prior to the expiration of the period for which it was approved.
L.2019, c.65, s.7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-35 - Exemptions to maintain adequate records.

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 named in the mortgage servicer or residential mortgage lender license, or, if requested by the commissioner, shall make the records available at the office or send the records to the commissioner by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a dated delivery receipt, not later than five business days after requested by the commissioner to do so. Upon request, the commissioner may grant a licensee additional time to make the records available or send them to the commissioner. The records shall provide the following information:
(1) a loan history for residential mortgage loans upon which payments are received or made by the mortgage servicer, itemizing the amount and date of each payment and the unpaid balance at all times;
(2) the original or an exact copy of the note, residential mortgage or other evidence of indebtedness;
(3) the name and address of the residential mortgage lender, and mortgage broker, if any, involved in the residential mortgage loan transaction;
(4) copies of any disclosures or notifications provided to the mortgagor required by State or federal law;
(5) a copy of any bankruptcy plan approved in a proceeding filed by the mortgagor or a co-owner of the property subject to the residential mortgage loan;
(6) a communications log that documents all verbal communications with the mortgagor or the mortgagor's representative; and
(7) a copy of all notices sent to the mortgagor related to any foreclosure proceeding filed against the encumbered property.
b. Every mortgage servicer licensee and person exempt from licensure pursuant to paragraph (4) of subsection b. of section 3 of this act shall retain the records of each residential mortgage loan serviced for not less than two years following the final payment on the residential mortgage loan, or the assignment of the residential mortgage loan, whichever occurs first, or a longer period as may be required by any other provision of law. Every mortgage servicer licensee and person exempt from licensure pursuant to paragraph (4) of subsection b. of section 3 of this act shall keep and use in its business books, accounts and records that will enable the commissioner to determine whether the mortgage servicer is complying with the provisions of this act.
L.2019, c.65, s.9.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-36 - Disclosures to mortgagor.

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 regulations promulgated thereunder, and within the time periods prescribed therein; and
b. a schedule of the ranges and categories of its costs and fees for its servicing-related activities, which shall comply with State and federal law and, if the disclosure is made by a mortgage servicer licensee, shall not exceed those reported to the commissioner in accordance with section 5 of this act.
L.2019, c.65, s.10.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-37 - Compliance with federal laws, regulations.

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.2601 et seq.); and
(2) the "Truth-in-Lending Act" (15 U.S.C. s.1601 et seq.).
b. In addition to any other remedies provided by law, a violation of any federal law or regulation shall be deemed a violation of this section and a basis upon which the commissioner may take enforcement action pursuant to section 14 of this act.
L.2019, c.65, s.11.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-38 - Schedule of fees.

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 the fee or range of amounts or, if there is no standard fee, how the fee is calculated or determined. A mortgage servicer shall make its schedule available to the mortgagor or the mortgagor's authorized representative upon request.
b. A mortgage servicer shall not impose any late fee or delinquency charge when the only delinquency is attributable to late fees or delinquency charges assessed on an earlier payment, and the payment is otherwise a full payment for the applicable period and is paid on its due date or within any applicable grace period. Late charges shall not be:
(1) based on an amount greater than the past due amount;
(2) collected from the escrow account or from escrow surplus without the approval of the mortgagor; or
(3) deducted from any regular payment.
L.2019, c.65, s.12.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-41 - Suspension, revocation, failure to renew license.

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 license under section 4 of this act, or if the commissioner finds that the licensee, any control person of the licensee, the qualified individual or any branch manager with supervisory authority, trustee, employee or agent of the licensee has done any of the following:
(1) made any material misstatement in the application;
(2) committed any fraud or misrepresentation or misappropriated funds;
(3) become insolvent;
(4) violated any of the provisions of this act or of any regulations adopted pursuant thereto, or any other law or regulation applicable to the conduct of its business; or
(5) failed to perform any agreement with a mortgagee or a mortgagor.
b. Whenever it appears to the commissioner that any person has violated, is violating, or is about to violate any of the provisions of this act or of any regulations adopted pursuant thereto, or any licensee has failed to perform any agreement with a mortgagee or mortgagor, committed any fraud, made any misrepresentation or misappropriated funds, the commissioner may:
(1) issue an order directing a person or licensee to cease and desist from engaging in any act or practice that is in violation of this act;
(2) issue an order directing a person or licensee to perform corrective actions; and
(3) bring an action in any court of competent jurisdiction to enjoin the acts or practices and to enforce compliance with any provision of this act.
L.2019, c.65, s.15.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-42 - Violators barred from acting as residential mortgage servicer.

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 financial harm to consumers, be barred from acting as a residential mortgage servicer, residential mortgage lender, residential mortgage broker, or mortgage loan originator, or a stockholder, an officer, director, partner or other owner, or an employee of a licensee, or acting in any other capacity pursuant to this act. A violation of this final order shall be considered a crime of the third degree.
L.2019, c.65, s.16.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-43 - Civil penalty.

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. Additionally, each violation of this act which constitutes a knowing violation shall be considered a crime of the third degree.
L.2019, c.65, s.17.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-44 - Construction of act.

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 construed to deny, abrogate, or impair any common law or statutory right, remedy or prohibition. The Attorney General and the Division of Consumer Affairs in the Department of Law and Public Safety shall continue to have the authority to enforce civil and criminal violations of the consumer fraud act, P.L.1960, c.39 (C.56:8-1 et seq.), or any other applicable law, rule or regulation in connection with the activities of mortgage servicers.
L.2019, c.65, s.18.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-45 - Inapplicability.

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-89), while servicing residential mortgage loans made pursuant to the exemption;
(2) a person servicing five or fewer residential mortgage loans within any period of twelve consecutive months;
(3) any agency of the federal government, any state or municipal government or any quasi-governmental agency servicing residential mortgage loans under the specific authority of the laws of any state or the United States; and
(4) a person exempt from licensure as a mortgage servicer pursuant to paragraphs (1), (2), and (3) of subsection b. of section 3 of this act.
L.2019, c.65, s.19.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16F-46 - Rules, regulations.

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.
L.2019, c.65, s.20.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-1 - Definitions.

17:16G-1 Definitions.
1. As used in this act:
a. "Nonprofit social service agency" or "nonprofit consumer credit counseling agency" means any corporation duly organized under Title 15 of the Revised Statutes or Title 15A of the New Jersey Statutes, no part of the assets, income or profit of which is distributable to, or enures to the benefit of its members, directors or officers, except to the extent permitted under this act, and which is engaged in debt adjustment.
b. "Credit counseling" means any guidance or educational program or advice offered by a nonprofit social service agency or nonprofit consumer credit counseling agency for the purpose of fostering the responsible use of credit and debt management.
c. (1) "Debt adjuster" means a person who either (a) acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding, or otherwise altering the terms of payment of any debts of the debtor, or (b) who, to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor.
(2) The following persons shall not be deemed debt adjusters: (a) an attorney-at-law of this State who is not principally engaged as a debt adjuster; (b) a person who is a regular, full-time employee of a debtor, and who acts as an adjuster of his employer's debts; (c) a person acting pursuant to any order or judgment of court, or pursuant to authority conferred by any law of this State or the United States; (d) a person who is a creditor of the debtor, or an agent of one or more creditors of the debtor, and whose services in adjusting the debtor's debts are rendered without cost to the debtor; (e) a person who, at the request of a debtor, arranges for or makes a loan to the debtor, and who, at the authorization of the debtor, acts as an adjuster of the debtor's debts in the disbursement of the proceeds of the loan, without compensation for the services rendered in adjusting those debts; or (f) a person who is: (i) certified by the United States Secretary of Housing and Urban Development as a housing counseling organization or agency pursuant to section 106 of Pub.L.90-448 (12 U.S.C. s.1701x); (ii) participating in a counseling program approved by the New Jersey Housing and Mortgage Finance Agency; and (iii) not holding or disbursing the debtor's funds.
d. "Debtor" means an individual or two or more individuals who are jointly and severally, or jointly or severally indebted.
L.1979, c.16, s.1; amended 1986, c.184, s.1; 2009, c.173, s.1.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-2 - Debt adjuster

17:16G-2. Debt adjuster
a. No person other than a nonprofit social service agency or a nonprofit consumer credit counseling agency shall act as a debt adjuster.
b. It shall be unlawful for any nonprofit social service agency or nonprofit consumer credit counseling agency to act as a debt adjuster without first obtaining a license from the Commissioner of the Department of Banking pursuant to this act.
c. A licensee is authorized to offer credit counseling.
L. 1979, c. 16, s. 2, eff. Feb. 8, 1979. Amended by L. 1986, c. 184, s. 2, eff. Dec. 10, 1986.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-3 - Application for licensure

17:16G-3. Application for licensure
Application for said license shall be made on forms prescribed by the commissioner, who shall be empowered to require information deemed necessary to demonstrate that the applicant is qualified to be licensed and possesses the necessary financial resources to sustain its operation.
L. 1979, c. 16, s. 3, eff. Feb. 8, 1979. Amended by L. 1986, c. 184, s. 3, eff. Dec. 10, 1986.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-4 - Duties of commissioner; fees

17:16G-4. Duties of commissioner; fees
The commissioner shall promulgate procedures and standards for the issuance or denial of licenses, shall promulgate grounds for and procedures under which licenses may be revoked, suspended, or reinstated, and shall establish fees necessary to meet administrative costs under this act.
L.1979, c. 16, s. 4, eff. Feb. 8, 1979.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-6 - Debt adjustment fee

17:16G-6. Debt adjustment fee
a. A licensee may charge a fee to cover the cost of providing debt adjustment and credit counseling.
b. The fee for debt adjustment shall not exceed 1% of the gross monthly income of the person to whom the service is rendered, but in no case more than $15.00 in any one month, except as may be otherwise provided by rule or regulation promulgated by the commissioner. This fee may be waived in the discretion of the licensee.
c. The commissioner is authorized to establish the maximum fee that may be charged for credit counseling.
L. 1979, c. 16, s. 6, eff. Feb. 8, 1979. Amended by L. 1986, c. 184, s. 4, eff. Dec. 10, 1986.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-7 - Board of directors of agency

17:16G-7. Board of directors of agency
Every nonprofit social service agency or nonprofit consumer credit counseling agency licensed under this act shall establish a board of directors whose function shall be to establish the policies of such agency. No more than 40% of the members of the board of directors shall have as their principal employer any corporation, association or institution which offers credit to the general public.
L.1979, c. 16, s. 7, eff. Feb. 8, 1979.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-8 - Penalties; summary action; civil action.

17:16G-8 Penalties; summary action; civil action.
8. Any person who violates any provisions of this act shall be subject to a penalty of $1,000 for the first offense and not more than $5,000 for the second and each subsequent offense to be collected by and in the name of the commissioner in a summary proceeding under the "Penalty Enforcement Law of 1999," P.L.1999, c.274 (C.2A:58-10 et seq.).
If the commissioner has reason to believe that any person or licensee has engaged in or is engaging in any practice or transaction prohibited by P.L.1979, c.16 (C.17:16G-1 et seq.), the commissioner may, in addition to any remedies available, bring a summary action in the name of and on behalf of the State against the person or licensee and any other person concerned or in any way participating in or about to participate in those practices or transactions, to enjoin the person or licensee from continuing those practices or engaging in or doing any act in furtherance of those practices or in violation of that act. In addition to any other remedies or penalties available for a violation of P.L.1979, c.16 (C.17:16G-1 et seq.), any debtor injured by a violation of P.L.1979, c.16 (C.17:16G-1 et seq.) may bring a civil action for recovery of damages.
L.1979,c.16,s.8; amended 1986, c.184, s.5; 2005, c.287, s.2.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16G-9 - Responsibilities of licensee acting as debt adjuster.

17:16G-9 Responsibilities of licensee acting as debt adjuster.
3. Every licensee acting as a debt adjuster shall:
a. disburse to the appropriate creditors all funds received from a debtor, less any fees permitted by section 6 of P.L.1979, c.16 (C.17:16G-6), within 10 days of receipt of those funds; b. maintain a separate trust account in a qualified bank as defined in paragraph (12) of section 1 of P.L.1948, c.67 (C.17:9A-1), in the name of the debt adjuster for the benefit of the debtors serviced by the debt adjuster; and
c. maintain an appropriate ledger book for the trust account required by subsection b. of this section, having at least one single page for each debtor, with appropriate entries of all deposits into and disbursements from each debtor's account, including copies of all records showing disbursements to creditors and receipts from debtors, which ledger book and records shall be maintained in accordance with generally accepted accounting principles for not less than six years following the close of each debtor's account.
L.2005, c.287,s.3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16H-1 - Definitions.

17:16H-1 Definitions.
1. As used in this act:
a. "Financial institution" shall mean any bank, savings bank, state association, credit union, residential mortgage lender, residential mortgage broker, consumer lender or any other institution, corporation, partnership or individual subject to the supervision, regulation or licensing by the Department of Banking and Insurance.
b. "Commissioner" shall mean the Commissioner of Banking and Insurance of New Jersey.
L.1979, c.193, s.1; amended 2018, c.108, s.16.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16H-2 - Prohibited advertisements, announcements or statements

17:16H-2. Prohibited advertisements, announcements or statements
No financial institution shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in a newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster, or over any radio or television station, or in any other way, an advertisement, announcement or statement containing any assertion, representation or statement with respect to the business of banking, lending or being a financial institution or with respect to any person in the conduct of such business, which is inaccurate, untrue, deceptive or misleading, or which negatively affects the public's confidence in such financial institution or financial institutions in general.
L.1979, c. 193, s. 2, eff. Sept. 13, 1979.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16H-3 - Enforcement; regulations

17:16H-3. Enforcement; regulations
The commissioner shall enforce the provisions of this act and shall promulgate such regulations as he deems necessary for the effective implementation of this act, including regulations establishing standards for advertising by financial institutions.
L.1979, c. 193, s. 3, eff. Sept. 13, 1979.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16H-4 - Cease and desist order; notice and hearing; penalty for failure to comply

17:16H-4. Cease and desist order; notice and hearing; penalty for failure to comply
The commissioner may, after notice and opportunity for a hearing, order any financial institution to cease and desist from violations of this act. Any financial institution which fails to comply with an order of the commissioner shall be subject to a penalty not to exceed $500.00 for each violation. Any penalty imposed by the commissioner shall be enforced and collected pursuant to the penalty enforcement law (N.J.S. 2A:58-1 et seq.).
L.1979, c. 193, s. 4, eff. Sept. 13, 1979.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-3 - Ownership as between parties and others; protection of financial institutions

17:16I-3. Ownership as between parties and others; protection of financial institutions
The provisions of sections 4 to 6 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, are relevant only to controversies between these persons and their creditors and other successors, and have no bearing on the power of withdrawal of these persons as determined by the terms of account contracts. The provisions of sections 8 to 13 govern the liability of financial institutions who make payments pursuant thereto, and their setoff rights.
L.1979, c. 491, s. 3.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-4 - Ownership during lifetime

17:16I-4. Ownership during lifetime
Unless a contrary intent is manifested by the terms of the contract, or the deposit agreement, or there is other clear and convincing evidence of a different intent at the time the account is created:
a. A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit. In the absence of proof of net contributions, the account belongs in equal shares to all parties having present right of withdrawal. This subsection shall not be construed to affect the right of the court to effectuate an equitable distribution of property between the parties in an action for divorce pursuant to N.J.S. 2A:34-23.
b. A P.O.D. account belongs to the original payee during his lifetime and not to the P.O.D. payee or payees; if two or more parties are named as original payees, during their lifetimes rights as between them are governed by subsection a. of this section.
c. A trust account belongs beneficially to the trustee during his lifetime, and if two or more parties are named as trustee on the account, during their lifetimes beneficial rights as between them are governed by subsection a. of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary.
L.1979, c. 491, s. 4.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-5 - Right of survivorship

17:16I-5. Right of survivorship
a. Sums remaining on deposit at the death of a party to a joint account belong to the surviving party or parties as against the estate of the decedent unless there is clear and convincing evidence of a different intention at the time the account is created. If there are two or more surviving parties, their respective ownerships during lifetime shall be in proportion to their previous ownership interests under section 4 augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death; and the right of survivorship continues between the surviving parties.
b. If the account is a P.O.D. account;
(1) On death of one of two or more original payees the rights to any sums remaining on deposit are governed by subsection "a" ;
(2) On death of the sole original payee or of the survivor of two or more original payees, any sums remaining on deposit belong to the P.O.D. payee or payees if surviving, or to the survivor of them if one or more die before the original payee; if two or more P.O.D. payees survive, there is no right of survivorship in the event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.
c. If the account is a trust account;
(1) On death of one of two or more trustees, the rights to any sums remaining on deposit are governed by subsection "a" ;
(2) On death of the sole trustee or the survivor of two or more trustees, any sums remaining on deposit belong to the person or persons named as beneficiaries, if surviving, or to the survivor of them if one or more die before the trustee, unless there is clear evidence of a contrary intent; if two or more beneficiaries survive, there is no right of survivorship in event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.
d. In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account other than to transfer the rights of the decedent as part of his estate.
e. A right of survivorship arising from the express terms of the account or under this section, a beneficiary designation in a trust account, or a P.O.D. payee designation, cannot be changed by will.
L.1979, c. 491, s. 5.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-6 - Determination of rights at death of party; alteration of form of account; notice or order to financial institution

17:16I-6. Determination of rights at death of party; alteration of form of account; notice or order to financial institution
The provisions of section 5 as to rights of survivorship are determined by the form of the account at the death of a party. This form may be altered by written notice or order given by a party to the financial institution to change the form of the account or to stop or vary payment under the terms of the account. The order or request must be signed by a party, received by the financial institution during the party's lifetime, and not countermanded by other written order of the same party during his lifetime.
L.1979, c. 491, s. 6.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-7 - Rights of creditors

17:16I-7. Rights of creditors
No multiple-party account will be effective against an estate of a deceased party to transfer to a survivor sums needed to pay debts, taxes, and expenses of administration, if other assets of the estate are insufficient. A surviving party, P.O.D. payee, or beneficiary who receives payment from a multiple-party account after the death of a deceased party shall be liable to account to his personal representative for amounts the decedent owned beneficially immediately before his death to the extent necessary to discharge the claims and charges mentioned above remaining unpaid after application of the decedent's estate. No proceeding to assert this liability shall be commenced unless the personal representative has received a written demand by a creditor, and no proceeding shall be commenced later than 2 years following the death of the decedent. Sums recovered by the personal representative shall be administered as part of the decedent's estate. This section shall not affect the right of a financial institution to make payment on multiple-party accounts according to the terms thereof, or make it liable to the estate of a deceased party unless before payment the institution has been served with an order of court restraining the payment.
L.1979, c. 491, s. 7.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-8 - Multiple-party accounts; payments; notice

17:16I-8. Multiple-party accounts; payments; notice
8. Financial institutions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. The following payments from a multiple-party account by the financial institution, including payment of the entire account balance, are deemed authorized by all parties to, and any other person with an interest in, the multiple-party account, without any duty on the part of the financial institution to consider the net contributions of the parties to the account:
a. Payments, on request, to any one or more of the parties;
b. Payments pursuant to any statutory or common law right of set off, levy, attachment or other valid legal process or court order, relating to the interest of any one or more of the parties; and
c. Payments, on request, to a trustee in bankruptcy, receiver in any state or federal insolvency proceeding, or other duly authorized insolvency representative of any one or more of the parties.
A financial institution shall not be required to inquire as to the source of funds received for deposit to a multiple-party account, or to inquire as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
Notice that the entire account balance is subject to subsections b. and c. of this section shall be given to the parties by the financial institution, either in the account agreement or by separate document, in the manner the Commissioner of Banking may direct by regulation. Any account for which notice is not given shall not be subject to the terms of subsection b. or c. of this section.
L.1979,c.491,s.8; amended 1995,c.372.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-9 - Financial institution protection; payment after death or disability; joint account

17:16I-9. Financial institution protection; payment after death or disability; joint account
Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is demanded; but payment may not be made to the personal representative or heirs of a deceased party unless proofs of death are presented to the financial institution showing that the decedent was the last surviving party or unless there is no right of survivorship under section 5.
L.1979, c. 491, s. 9.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-10 - Payment of P.O.D. account

17:16I-10. Payment of P.O.D. account
Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the financial institution of proof of death showing that the P.O.D. payee survived all persons named as original payees. Payment may be made to the personal representative or heirs of a deceased original payee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as an original payee or as P.O.D. payee.
L.1979, c. 491, s. 10.
2023 New Jersey Revised Statutes › Title 17 - Corporations and Institutions for Finance and Insurance › Section 17:16I-11 - Payment of trust account

17:16I-11. Payment of trust account
Any trust account may be paid, on request, to any trustee. Unless the financial institution has received written notice that the beneficiary has a vested interest not dependent upon his surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the financial institution showing that his decedent was the survivor of all other persons named on the account either as trustee or beneficiary. Payment may be made, on request, to the beneficiary upon presentation to the financial institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
L.1979, c. 491, s. 11.