New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 2 - LICENSE REQUIREMENTS › Section 3:18-2.1 - License required

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall
				act as, offer to act as, or hold himself or herself out to be, a foreclosure
				consultant or use the designation foreclosure consultant, foreclosure
				consultant specialist, or similar designation in this State unless licensed by
				the Commissioner as set forth in the Act.
(b) "Foreclosure consultant" shall not
				include any of the following:
1. A housing
				counseling agency certified by the United States Department of Housing and
				Urban Development to provide counseling;
2. A person who holds or is owed an
				obligation secured by a lien on any distressed property in situations in which
				the person performs services in connection with the obligation or lien,
				provided the obligation or lien did not arise as the result of, or as part of,
				a proposed distressed property conditional conveyance or a distressed property
				conveyance;
3. A licensed attorney
				who negotiates the terms of a distressed property conveyance on behalf of a
				client as an ancillary matter to the attorney's representation of the client,
				unless the attorney receives, directly or indirectly, any compensation,
				benefit, or gain for the attorney's services from a foreclosure consultant
				business licensee or any individual or entity who should be licensed as a
				foreclosure consultant;
4. An
				entity which is licensed pursuant to P.L. 1979, c. 16 (17:16G-1 et seq.) or an successor
				statute;
5. A municipality which
				has a tax lien on distressed property;
6. An assignee or a purchaser of a municipal
				tax lien from a tax sale;
7. A
				sponsor which is certified by the Commissioner of Community Affairs to
				participate in the New Jersey Housing Assistance and Recovery Program
				established pursuant to
				sections
				8 through
				14 of
				P.L.
				2008, c. 127
				(55:14K-88 et seq.);
8. A bank, savings bank, savings and loan
				association, credit union, or other Federally insured financial institution, or
				insurance company, or affiliate or subsidiary thereof, organized, chartered,
				licensed, or holding a certificate of authority to do business under the laws
				of this State or any other state or under the laws of the United
				States;
9. A person licensed as a
				real estate broker, broker-salesperson, or salesperson pursuant to
				45:15-1 et seq., while acting
				under the authority of that license;
10. A person licensed as a title insurance
				producer pursuant to the New Jersey Insurance Producer Licensing Act of 2001,
				P.L.
				2001, c. 210
				(17:22A-26 et seq.) while acting
				under the authority of that license or conducting the business of title
				insurance pursuant to P.L. 1975, c. 106 (17:46B-1 et seq.);
11. A mediator duly authorized pursuant to
				and acting under the authority of the Judiciary's Foreclosure Mediation
				Program; or
12. A person licensed
				pursuant to the New Jersey Residential Mortgage Lending Act,
				P.L.
				2009, c. 53
				(17:11C-51 et seq.), while acting
				under the authority of that license.