New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 2 - LICENSING OR REGISTRATION REQUIREMENTS, BONDING, AUDITS AND DUTIES OF A DEBT ADJUSTER › Section 3:25-2.2 - Application for license as a debt adjuster or registration as a high-cost home loan credit counselor

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to acting
				as a debt adjuster, a nonprofit social services or nonprofit consumer
				counseling agency shall obtain a license from the Department. The license
				application shall be on a form approved by the Commissioner and shall include
				the following information:
1. A Certificate
				of Incorporation bearing the New Jersey Division of Revenue's dated filing
				stamp or its equivalent. For non-New Jersey state nonprofit corporations, a
				copy of the Certificate of Authority to do business in New Jersey bearing the
				New Jersey Division of Revenue's dated filing stamp or its
				equivalent;
2. If the corporation
				uses a doing business as name, a copy of the registration of alternate
				corporate name bearing the New Jersey Division of Revenue's dated filing stamp
				or its equivalent;
3. A completed
				certified consent certificate authorizing a criminal record check for each
				corporate director or trustee;
4. A
				completed biographical information form and personal financial statement for
				each director or trustee;
5.
				Information on whether any director, trustee or member of an advisory or other
				similar committee has ever had a license, permit or other authorization, other
				than a driver's license, been suspended or revoked by this or any other state
				or has been affiliated directly or indirectly with any other organization that
				has had such a license suspended or revoked;
6. An unqualified financial statement
				prepared by a certified public accountant or a public accountant demonstrating
				the financial condition of the corporation;
7. A copy of the annual report of the
				nonprofit agency most recently filed with the New Jersey Division of Revenue
				pursuant to
				15A:4-5, or an equivalent report
				for non-New Jersey state nonprofit corporations;
8. The applicant's balance sheet and profit
				and loss statement for the last fiscal period, if available;
9. If the primary source of operating funds
				is obtained from outside sources such as financial institutions, retail
				merchants, industrial concerns, labor unions, trade associations, religious
				organizations, foundations, etc., a schedule citing the names and addresses of
				all such individual contributors and the amount contributed and the amount
				anticipated for the current fiscal period;
10. A list of salaries or compensation paid
				to individual directors, trustees, officers, members of the advisory council or
				other persons in managerial positions during the last fiscal period or if the
				applicant is recently incorporated, the estimated amounts to be paid to all
				such individuals during the current fiscal period;
11. A schedule citing the types and amounts
				of insurable risks including:
i. Fidelity
				bonds covering every director, trustee, officer, employee or anyone who will
				have authority to act on the licensee's behalf;
ii. Indemnity insurance covering robbery,
				burglary, holdup, embezzlement or fraud by insiders, outsiders, forgery, errors
				and omissions, misplacement, etc.; and
iii. Fire and extended coverage on the
				office(s), furniture, fixtures and equipment, etc.;
12. Proof of the surety bond required by
				3:25-2.5;
13. The address of all offices conducting
				debt adjustment activities on behalf of debtors residing in New
				Jersey;
14. The license application
				fee required by
				3:23-2.1; and
15. Additional information, which may be
				specifically requested by the Commissioner from a particular
				applicant.