reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 2 - LICENSE REQUIREMENTS › Section 3:18-2.4 - Application for renewal of a license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to
				apply to renew a license, a person who holds in good standing a license as a
				foreclosure consultant shall submit a completed renewal application which shall
				include the following:
1. The name of the
				applicant;
2. The location of the
				principal place of business of the applicant;
3. Confirmation that the applicant has bond
				coverage as specified in N.J.A.C. 3:18-3; and
4. A certification that all information on
				the original application for licensure, and any information subsequently
				changed by the applicant in accordance with
				N.J.A.C.
				3:18-2.2is currently in effect.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 2 - LICENSE REQUIREMENTS › Section 3:18-2.5 - Late renewal of licenses; late renewal fees; reinstatement fees; no authority after expiration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Initial license
				terms shall run from the date of issue until June 30 of the following odd
				numbered year ("renewal year").
(b)
				A person who submits a renewal application for a business or individual license
				after the expiration of the license, but no later than the last day of July
				following license expiration, may be renewed upon payment of a late renewal fee
				of $ 50.00 per license.
(c) An
				individual or a business licensee who wishes to apply for reinstatement after
				the last day of July of the year in which their unrenewed license expired shall
				be required to file a reinstatement application. Expired business licensees
				shall submit a reinstatement application fee of $ 250.00 and expired individual
				licensees shall submit a reinstatement application fee of $ 50.00.
				Reinstatement applications will be accepted for a period of six months
				following the expiration of the last license held, after which the person shall
				be treated as a new license applicant and required to submit a complete new
				application and application fee.
(d) The submission of an application for late
				renewal or for reinstatement of a license does not authorize an individual
				licensee or a business licensee and any individual licensees employed by it to
				engage in any activity subject to licensure prior to the issuance of a properly
				renewed or reinstated license. A formerly licensed person who engages in
				activity as a foreclosure consultant without a renewed or reinstated license
				shall be subject to fines and other penalties as set forth in
				3:18-9.1.
(e) The license of an individual licensee
				shall not be renewed or reinstated, notwithstanding the timely application of
				the individual licensee for renewal, until the business licensee by which he or
				she is employed is renewed or reinstated.
(f) Late renewal and reinstatement
				application fees are nonrefundable.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 2 - LICENSE REQUIREMENTS › Section 3:18-2.6 - Discontinuation of foreclosure consulting activity

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When a
				foreclosure consultant business licensee discontinues foreclosure consultant
				activity in New Jersey, the business licensee shall surrender the entity's
				current license as well as the license of each individual licensee employed by
				the business licensee. The business licensee shall also provide written notice
				of the discontinuation of the business license to each individual licensee
				employed by the business licensee and to each consumer who is a party to an
				existing foreclosure consultant agreement with the business licensee. The
				written notice to such consumers shall identify any entity that has agreed to
				complete the providing of foreclosure consultant services to such consumers
				under the terms of the business licensee's pending foreclosure consultant
				contract and set forth the consumer's option to continue with the new
				designated entity or to terminate the agreement. The business licensee shall
				furnish proof to the Department of having made the notifications and also
				provide written notification to the Department of the following:
1. Any foreclosure consultant agreements
				being processed as of the date of the notice and provide the total number of
				any such agreements together with consumer names and addresses and the property
				address for each agreement;
2. The
				location of the files of pending foreclosure consultant agreements;
3. The location of records required to be
				maintained under New Jersey law and regulations;
4. Any arrangements that have been made to
				have other entities complete the providing of foreclosure consulting services
				on any such agreements, together with complete information on the name,
				address, telephone number, and contact person of entities involved in such
				arrangements;
5. Copies of any
				filed and unfiled discharges of recorded foreclosure consultant contracts that
				have been fully performed with an indication of whether the discharge has been
				received by the distressed property owner; and
6. The name and telephone number of person(s)
				within the licensee's operation designated to handle consumer inquiries and
				problems that may arise.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 2 - LICENSE REQUIREMENTS › Section 3:18-2.7 - Notifications to the Department

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Within 20 days
				after a change of any information required by
				46:10B-55 and this subchapter to
				be supplied with an initial license application, a foreclosure consultant shall
				notify the Department in writing of any fact or circumstance affecting its
				qualifications for licensure including, but not limited to, a change in name,
				new or revised standard contracts, additions or deletions to the list of
				locations at which the licensee conducts ongoing business, and a change in its
				ownership or control as the result of a sale, transfer, or change of control of
				at least 10 percent of the business.
(b) For any individual who, as a result of
				the sale, transfer, or change of control owns at least 10 percent of the
				foreclosure consultant business and for each new officer, director and partner,
				a business licensee shall submit evidence of submission to a criminal history
				record background check as set forth in
				46:10B-55 and
				3:18-2.2(a)2. The
				background check shall include a State criminal history record background check
				based upon an exchange of fingerprint data with the State Bureau of
				Identification in the Division of State Police and a check of criminal
				information as requested from and distributed to the Federal Bureau of
				Investigation and any other governmental agency as follows:
1. Fingerprints, for submission to the FBI
				and any other governmental agency authorized to receive this information for a
				state, Federal, and international criminal history record background check, to
				determine an applicant's fitness for licensure under
				46:10B-55.b(2).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.1 - Bond requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Business licensees shall provide a
				blanket bond covering the business licensee and all individual foreclosure
				licensees employed by the business licensee and all other persons employed by
				the business licensee.
(b) A
				business entity that seeks an initial license as a foreclosure consultant shall
				obtain a surety bond in the amount of $ 75,000.
(c) The Department may require at any time an
				increase in the amount of a bond to an amount not to exceed $ 250,000 if, after
				evaluating the level of foreclosure consulting activity of the business
				licensee in this State, including the number of individual licensees employed
				by the business licensee, the results of examinations, any violations of the
				Act, any claims paid on the bond, the volume of foreclosure consulting
				agreements entered into by the business licensee, and the amount of
				compensation received by the business licensee for having rendered distressed
				property services, the Department determines that the amount of the bond is
				insufficient to protect the beneficiaries of the bond.
(d) Use of the bond form posted on the
				Department's website at
www.dobi.nj.gov
in
				the amount specified at (b) above or an amount adjusted as set forth at (c)
				above and issued by a surety company authorized to write such bonds in New
				Jersey shall, subject to all other applicable requirements, be considered
				sufficient for approval.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.2 - Beneficiaries of bond coverage

Current through Register Vol. 56, No. 14, July 15, 2024
The bond shall run to the State of New Jersey, pro rata, for
				  the benefit of New Jersey consumers injured by the wrongful act, omission,
				  default, fraud, or misrepresentation of the foreclosure consultant in the
				  course of activity authorized by the license, and for the benefit of the
				  Department for unpaid penalties, unpaid assessments, and any other unpaid
				  obligations of the foreclosure consultant to the Department, including, but not
				  limited to, returned items submitted to the Department in payment of penalties,
				  charges, assessments, or fees.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.3 - Coverage of the bond; compensable claims

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The surety
				company shall pay consumers' claims based on the damages directly incurred as a
				result of the wrongful act, default, fraud, or misrepresentation of the
				business licensee or any employee of such licensee.
(b) Attorney's fees, pre- or post-judgment
				interest, court costs, and similar charges are not recoverable through the
				bond, unless such charges are included in a final judgment against the licensee
				and the surety company was given prior notice of the court action and an
				opportunity to respond.
(c) The
				bond shall not be payable for claims made by business creditors.
(d) The bond shall not be payable for treble
				damage claims pursuant to the Consumer Fraud Act or any other State or Federal
				law.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.4 - Original bond or rider required; changes in surety companies or bonds

Current through Register Vol. 56, No. 14, July 15, 2024
A business licensee shall submit to the Department the
				  original executed surety bond or the original rider to the original executed
				  surety bond. If the business licensee changes its surety company or the bond is
				  otherwise amended, the business licensee shall immediately provide the
				  Department with the amended original executed surety bond or the amended
				  original rider to the original executed surety bond.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.5 - Notice to Department required before cancelling bond coverage

Current through Register Vol. 56, No. 14, July 15, 2024
A surety company shall not cancel a bond for any cause
				  unless written notice of its intention to cancel is filed with the Department
				  at least 30 days before the day upon which cancellation shall take effect.
				  Cancellation without such notice shall not be effective.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.6 - Surety companies to notify department of claims; claims payable only at the direction of the Department

Current through Register Vol. 56, No. 14, July 15, 2024
When a person submits a claim to a surety company against
				  the bond of a business licensee, the surety company shall immediately notify
				  the Department and shall not pay any claim unless and until directed to do so
				  by the Department.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.7 - Publication of notices of bond claims by the Department

Current through Register Vol. 56, No. 14, July 15, 2024
When the Department receives notice from a surety company of
				  a claim against a business licensee that appears valid, a consumer is unable to
				  obtain payment of a court judgment that was obtained against the licensee, or
				  the Department, in its sole discretion, otherwise determines it is necessary
				  and proper to do so, the Department shall cause a notice to be published once a
				  week for three successive weeks in a newspaper having general circulation in
				  the area where the business licensee conducts or conducted business in this
				  State and on the Department's website advising consumers of their right to file
				  claims against the bond. The Department is not required to publish notice when
				  it has a claim against the bond for an assessment or any other fee, charge, or
				  penalty if there are no consumer claims or complaints that appear valid and
				  that may require payment from the bond. If the Department determines a notice
				  is necessary, the notice shall be in the following form:
NOTICE TO CONSUMERS
TO ANY CONSUMER HAVING CLAIMS AGAINST
(Name of Licensee), (Type of licensed activity, i.e.,
				  foreclosure consultant)
TAKE NOTICE that in order to provide a procedure for the
				  orderly resolution of claims against the bond obtained by (Name of Business
				  Licensee) for the benefit of any consumer injured by the wrongful act, default,
				  fraud or misrepresentation of (Name of Licensee) in the providing of
				  foreclosure consultant services, you are hereby required to present your claims
				  against (Name of Licensee) at the following address:
N.J. Department of Banking and Insurance
Division of Banking
Office of Consumer Finance
20 West State Street, PO Box 040
Trenton, NJ 08625-0040
Each claim shall be presented in writing, specifying the
				  amount claimed and the particulars of the claim, and shall be duly verified
				  under oath or affirmation.
TAKE FURTHER NOTICE that each person having claims against
				  (Name of Licensee) should file a claim no later
than (one month after last notice) or risk losing the
				  opportunity to file a claim.
__________________________________
Commissioner of Banking and Insurance
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 3 - BONDING › Section 3:18-3.8 - Priority of claims against bonds

Current through Register Vol. 56, No. 14, July 15, 2024
The Department shall review all timely consumer claims made
				  against the bond of a business licensee and decide which claims are valid. The
				  Department shall submit all timely valid claims to the surety company to share
				  pro rata in the proceeds of the bond. The Department shall then submit to the
				  surety company for the payment claims it has against the licensee for other
				  unpaid penalties, charges, assessments, or fees. Consumers submitting claims
				  after the filing date set forth in the published notice but before the
				  expiration of the applicable statute of limitations period shall recover next
				  against the bond in the order that the claims are submitted.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 4 - DISTRESSED PROPERTY PURCHASER DISCLOSURES › Section 3:18-4.1 - Distressed property purchaser required disclosures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior
				to the completion of a distressed property conveyance, a licensee shall notify
				a distressed property owner in writing that, pursuant to
				N.J.S.A.
				46:10B-64.d, a distressed property purchaser
				is required to provide to that owner a disclosure statement setting forth in at
				least 14-point type all costs and fees that the owner will incur in connection
				with the conveyance.
1. The licensee shall
				maintain, as a business record, proof of having provided the written
				notification referenced in (a) above to the distressed property
				owner.
2. A distressed property
				purchaser shall provide a disclosure statement in the form available on the
				Department's website at
www.dobi.nj.gov
.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 5 - BOOKS AND RECORDS; CONTRACT REQUIREMENTS › Section 3:18-5.1 - Methods of accounting for business licensees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each business
				licensee shall maintain books and records in accordance with recognized
				accounting principles.
(b) Each
				business licensee shall retain copies of foreclosure consultant contracts in
				compliance with
				3:18-5.3.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 5 - BOOKS AND RECORDS; CONTRACT REQUIREMENTS › Section 3:18-5.2 - Reproduction of documents

Current through Register Vol. 56, No. 14, July 15, 2024
A business licensee may reproduce documents and records
				  relating to the operation of its business for the purpose of complying with
				  this subchapter and may substitute the copy for the original.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 5 - BOOKS AND RECORDS; CONTRACT REQUIREMENTS › Section 3:18-5.3 - Location of books, records, accounts, and other documents pertaining to a business; records retention

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each business
				licensee shall notify the Department of the location where the books, records,
				accounts, foreclosure consultant agreements, filed and unfiled notices
				discharging of record, previously recorded foreclosure consultant agreements,
				and other business documents relating to its activity as a foreclosure
				consultant are stored and maintained as confidential in accordance with
				applicable Federal and State law and rules. If the licensee proposes to
				relocate such business records, the licensee shall notify the Department prior
				to the move.
(b) All of the books,
				accounts, and records referenced in (a) above which pertain to the business
				activity conducted by a licensee under the Act shall be maintained in a manner
				that preserves the confidentiality of the financial and identity information
				provided to the licensee by consumers, shall be kept separate and apart from
				the books, accounts, and records of all other types of business conducted by
				the licensee, and be maintained in such a manner as to enable a prompt and
				efficient examination of the licensed activities.
(c) Business licensees shall preserve all
				books, records, accounts, agreements, and documents related to the business for
				a minimum of three years after entry into a foreclosure consultant agreement on
				which no compensation was received by the licensee. After having rendered
				distressed property services in accordance with the Act and this chapter, and
				having received compensation, the business licensee shall preserve the
				materials referenced above for three years from the licensee's receipt of the
				compensation.
(d) All books,
				records, accounts, agreements, and other documents may be stored electronically
				so long as the electronically stored information can be produced in electronic
				format upon request by the Department or reproduced on paper and delivered to
				the Department within five days of the business licensee's receipt of a request
				from the Department to produce the records.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 5 - BOOKS AND RECORDS; CONTRACT REQUIREMENTS › Section 3:18-5.4 - Foreclosure consultant contract

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A foreclosure
				consultant contract shall be written in plain language and shall fully
				disclose:
1. Each and every distressed
				property service to be performed;
2. All the foreclosure consultant's
				representations;
3. The distressed
				property relief to be secured;
4.
				The term of the contract, which shall not exceed 18 months from the date on
				which the contract is fully executed;
5. The name and address of the foreclosure
				consultant to which the notice of cancellation in (b) below should be mailed;
				and
6. The date the owner signed
				the contract.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 5 - BOOKS AND RECORDS; CONTRACT REQUIREMENTS › Section 3:18-5.5 - Recording of foreclosure consultant contracts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The foreclosure
				consultant business licensee shall record all foreclosure consultant contracts
				in accordance with
				46:26A-1 et seq. and with the
				clerk of the county in which the distressed property is located, within 10
				business days of its execution.
1. For
				purposes of this section, the term "county clerk" shall also refer to the
				Register of Deeds and Mortgages in counties in which instruments affecting real
				property are recorded with such officials.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 6 - REPORTS TO THE DEPARTMENT › Section 3:18-6.1 - Reports to the Department

Current through Register Vol. 56, No. 14, July 15, 2024
Each business licensee shall file a report with the
				  Department annually on or before May 1 of each year. The report shall be
				  submitted on forms provided by the Department and shall indicate specified
				  information relating to the licensee's foreclosure consulting activity,
				  including the number of foreclosure consultant agreements entered into by the
				  licensee, the number of accounts on which the licensee received compensation in
				  accordance with the Act and this chapter, and the total amount of compensation
				  so received during the reporting period. In accordance with
				  3:1-7.6, a business licensee shall
				  be subject to a penalty for any late filed annual report.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 7 - ADVERTISING › Section 3:18-7.1 - Advertising

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall
				advertise as a foreclosure consultant, foreclosure consultant specialist, or
				similar designation in this State unless licensed as a foreclosure
				consultant.
(b) One copy of each
				advertisement, including radio and television scripts, and any materials
				disseminated over the Internet or by any other electronic means, shall be
				maintained as a business record by the business licensee for at least three
				years after the last date on which any such advertisement was utilized, said
				date to be noted on each such advertisement record.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 8 - PROHIBITED ACTS › Section 3:18-8.1 - Prohibited acts

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No business
				licensee or individual licensee shall:
1.
				Claim, demand, charge, collect, or receive any compensation from a distressed
				property owner until after the foreclosure consultant has fully performed every
				distressed property service the foreclosure consultant contracted to perform
				and has secured the distressed property relief for the owner;
2. Claim, demand, charge, collect, or receive
				any fee, interest, or any other compensation from a distressed property owner,
				for any reason, in excess of two monthly mortgage payments of principal and
				interest, or the most recent quarterly property tax installment on the
				distressed property, whichever is less;
3. Take a wage assignment, a lien of any type
				on real or personal property, or other security to secure the payment of
				compensation. Any agreement to take such security is void and
				unenforceable;
4. Receive any
				consideration from any third party in connection with distressed property
				services rendered to a distressed property owner;
5. Acquire any interest, directly or
				indirectly, or by means of a subsidiary or affiliate in a distressed property
				from a distressed property owner with whom the foreclosure consultant has
				contracted;
6. Accept any power of
				attorney from a distressed property owner for any purpose, except to inspect
				documents as provided by law;
7.
				Induce or attempt to induce a distressed property owner to enter a contract
				that does not comply in all respects with the Act or this chapter;
8. Violate any of the provisions of the Act
				or this chapter; and
9. Other than
				compensation payable to the business licensee, no individual licensee shall
				receive or solicit any compensation for foreclosure consulting directly from,
				or on behalf of, a distressed property owner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 9 - ADMINISTRATIVE ACTIONS AS TO APPLICANTS, LICENSEES, OR OTHER PERSONS › Section 3:18-9.1 - Administrative penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may refuse to issue and may revoke, suspend, or refuse to renew a
				license, or impose a penalty pursuant to the Act, if the Commissioner finds,
				after notice and an opportunity for a hearing in accordance with the
				Administrative Procedure Act,
				52:14B-1 et seq., that any person,
				applicant for or holder of the license, including, but not limited to, any of
				the persons listed in
				3:18-2.2(a)2, has:
1. Violated any of the provisions of the Act
				or any order, rule, or regulation made or issued pursuant to the Act;
2. Failed at any time to meet the
				requirements for licensure, or withheld information or made a material
				misstatement in an application for a 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 the person in a civil or administrative action
				upon grounds of fraud, misrepresentation, or deceit, or failure to maintain
				books, accounts, records, and other documents as required by N.J.A.C.
				3:18-5;
4. Become
				insolvent;
5. Demonstrated
				unworthiness, incompetence, bad faith, or dishonesty in the transaction 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, revocation, suspension, or refusal of the license or
				license renewal.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 9 - ADMINISTRATIVE ACTIONS AS TO APPLICANTS, LICENSEES, OR OTHER PERSONS › Section 3:18-9.2 - Initiation of action

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before an
				administrative penalty is imposed, the Department shall direct a notice by
				certified mail and regular mail, or by personal delivery, or by any other means
				consistent with
				1:1-7.1 and recognized by the
				Courts of this State as valid service in administrative actions, to the last
				known business or residence or other address of the alleged violator. The
				notice shall include:
1. A reference to the
				statute, rule, and/or administrative order alleged to have been
				violated;
2. A concise statement of
				the facts on which the violation is based;
3. A statement of the administrative
				penalties or other relief sought to be imposed; and
4. A statement advising the alleged violator
				of their right to a hearing and the procedure for requesting a
				hearing.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 9 - ADMINISTRATIVE ACTIONS AS TO APPLICANTS, LICENSEES, OR OTHER PERSONS › Section 3:18-9.3 - Failure to respond to notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The alleged
				violator's failure to respond, as required by the notice, within the time
				provided in the notice, shall be deemed to be an admission of all of the
				factual and legal allegations, charges, and conclusions contained in the
				notice, and no further proceeding shall be required prior to the conversion of
				the notice into a final order that imposes the administrative penalties and any
				other relief specified in the notice in accordance with the terms set forth in
				the notice, or prior to the execution of a final order that imposes the
				administrative penalties and other relief described in the notice.
(b) If no response is received within the
				time provided in any notice seeking to suspend or revoke a license to conduct
				foreclosure consulting activity and such notice did not provide for its
				conversion into a final order, in such event the Department shall prepare a
				final order suspending or revoking the license or authority to conduct such
				activity, and mail a copy of the order to the violator at his or her last known
				business address on file with the Department.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 9 - ADMINISTRATIVE ACTIONS AS TO APPLICANTS, LICENSEES, OR OTHER PERSONS › Section 3:18-9.4 - Consent to an administrative penalty

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order for
				matters set forth in a notice to be deemed concluded by means of the consent of
				the alleged violator to the imposition of the administrative penalty or other
				relief described in the notice, the Department may require any or all of the
				following:
1. That the business licensee
				returns its license and/or the licenses of any person employed by it to the
				Department for cancellation;
2. The
				payment of a monetary penalty;
3.
				The restitution of moneys owed any person; and
4. The execution of an administrative order
				that may include admissions of material facts, conclusions of law, and such
				other terms and conditions as the Commissioner, or his or her authorized
				designee, may deem to be necessary and appropriate under the circumstances.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 18 - FORECLOSURE CONSULTANTS › Subchapter 9 - ADMINISTRATIVE ACTIONS AS TO APPLICANTS, LICENSEES, OR OTHER PERSONS › Section 3:18-9.5 - Response and request for a hearing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An alleged
				violator shall have 20 calendar days from service of the notice of intent to
				impose an administrative penalty within which to deliver a written response and
				request for a hearing to: Chief of Investigations, Enforcement Bureau, New
				Jersey Department of Banking and Insurance, PO Box 040, Trenton, New Jersey
				08625-0040.
(b) A response and
				request for a hearing shall include:
1. The
				name, address, and daytime telephone number of the alleged violator;
2. A copy of the notice;
3. A statement requesting a
				hearing;
4. A specific admission,
				denial or explanation of each fact alleged in the notice, or a statement that
				the person is without knowledge thereof; and
5. A concise statement of the facts or
				principles of law asserted to constitute any factual or legal
				defense.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.1 - Jurisdictional provision

Current through Register Vol. 56, No. 14, July 15, 2024
Notwithstanding the place of execution, nominal or real, of
				  a home repair contract, if it includes as a party thereto a New Jersey owner
				  and is to be performed in New Jersey, it will be deemed to be subject to the
				  Home Repair Financing Act.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.2 - Licensing requirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In the
				administration of the Home Repair Financing Act,
				17:16C-62(d)  and
				77(a), the following will be deemed to require licensing as a "home repair
				contractor":
1. A person who, for his or her
				own account, solicits and procures the execution of a home repair contract by
				an owner, and who signs said home repair contract as a contractor, or who has
				such a home repair contract solicited and executed on his or her behalf by his
				or her salesperson, whether or not such contract is subsequently assigned to,
				or performed by, another; and
2. A
				person who assumes, by assignment, performance or otherwise, the contractual
				responsibility to perform a home repair contract, and benefits
				thereunder.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.3 - Self-installation exemption

Current through Register Vol. 56, No. 14, July 15, 2024
A contract for goods or services, whether contained in one
				  or more documents, executed between an owner and the seller or supplier of
				  goods or services to such owner will be deemed a home repair contract if it
				  provides that the time sales price of said goods or services is to be paid in
				  installments over a period of time greater than 90 days; provided, however,
				  that where such an installment contract for goods is made with the express
				  understanding and representation that such goods will be utilized, installed or
				  applied by the owner independently, and not directly or indirectly in
				  connection with any written, oral or implied installment contract for services,
				  such contract for goods will not be deemed to be a home repair contract.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.4 - Two or more transactions

Current through Register Vol. 56, No. 14, July 15, 2024
A person who participates in two or more home repair
				  contracts in any calendar year will be deemed to be "in the business" for the
				  purpose of qualifying as a home repair contractor.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.5 - Sales and use tax disclosure

Current through Register Vol. 56, No. 14, July 15, 2024
For the purpose of implementing
				  17:16C-67, as these sections
				  relate to 54:32B-2(d)  and
				  54:32B-12(a), of
				  the Sales and Use Tax Act, the sales tax, if applicable, shall be shown as a
				  separate item in the manner prescribed below, if the down payment or any part
				  of the down payment represents a credit given by the home repair contractor as
				  authorized by
				  54:32B-2(d).
Sale without Trade-in
Cash price (sales tax $ 60.00)
$ 1,060.00
or
Cash price
$ 1,000.00
Sales Tax
$ 60.00
Total cash price
$ 1,060.00
Sale with Trade-in
Cash price
$ 1,000.00
Allowance on trade-in
$ 500.00
Adjusted cash price (sales tax $ 30.00)
$
						  530.00
or
Cash price
$ 1,000.00
Allowance on trade-in
$ 500.00
Adjusted cash price
$ 500.00
Sales tax
$ 30.00
Total cash price
$ 530.00
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.6 - License, reference or certificate number

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A home repair
				contractor shall indicate the current license, reference or certificate number
				on all contracts, subcontracts, bids and all forms of advertising.
(b) Home repair contractors having multiple
				offices may utilize their main office license or certificate number for the
				purpose of compliance with this section and
				45:1-9.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 19 - HOME REPAIR FINANCING ACT REGULATIONS › Subchapter 1 - GENERAL › Section 3:19-1.7 - Home repair salesperson; change of affiliation

Current through Register Vol. 56, No. 14, July 15, 2024
A licensed home repair salesperson must be employed by a
				  licensed home repair contractor and may represent only that employer in the
				  transaction of home repair financing business. A licensed home repair
				  salesperson who changes his or her employer shall, within 10 days of this
				  change, submit to the Department a change notification form. When submitting
				  this form, the salesperson shall surrender the license indicating the
				  affiliation with his or her prior employer.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 1 - LOW-INCOME CREDIT UNIONS › Section 3:21-1.1 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, as used in this subchapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise:
"Applicant" means an applicant for designation as a
				  low-income credit union.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Credit union" means a State-chartered credit union or an
				  entity which has submitted an application for a State charter for a credit
				  union.
"Low-income credit union" or "LICU" means a credit union
				  which has been designated a low-income credit union pursuant to this
				  subchapter.
"Low-income members" or "low-income residents" means those
				  members or residents:
1. Whose annual
				income falls at or below the lower level standard of living classification as
				established by the Bureau of Labor Statistics and as updated by the Employment
				Training Administration of the U.S. Department of Labor;
2. Who are residents of a public housing
				project who qualify for such residency because of low income;
3. Who qualify as recipients in a community
				action program; or
4. Who are
				enrolled as full-time or part-time students in a college, university, high
				school, or vocational school.
"NCUA" means the National Credit Union Administration.
"Predominantly" means a majority.
"State" means the State of New Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 1 - LOW-INCOME CREDIT UNIONS › Section 3:21-1.2 - Application for designation as a low-income credit union

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A credit
				union may apply to the Commissioner for designation as a low-income credit
				union pursuant to this subchapter.
(b) An applicant shall submit the following
				to the Department:
1. A completed
				application, the form of which may be prescribed by the Commissioner;
2. Sufficient evidence to allow the
				Commissioner to determine whether the applicant meets the criteria set forth in
				(c) below; and
3. An application
				fee of $ 50.00 if the applicant is an existing credit union seeking
				designation, but no fee other than an incorporation application fee of $ 50.00
				shall be charged to a credit union seeking designation as a part of its
				incorporation application; and
4.
				Such other information as the Commissioner may require.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 1 - LOW-INCOME CREDIT UNIONS › Section 3:21-1.3 - Concurrence of the appropriate Regional Director of the NCUA

Current through Register Vol. 56, No. 14, July 15, 2024
Upon approving an application for designation as an LICU,
				  the Commissioner shall forward that determination, along with the materials
				  submitted by the applicant, to the appropriate Regional Director of the NCUA
				  for concurrence.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 1 - LOW-INCOME CREDIT UNIONS › Section 3:21-1.4 - Publication and effective date of designation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon
				the Commissioner's receipt of the concurrence of the appropriate Regional
				Director in the designation of a credit as an LICU, the Commissioner shall, by
				mail, inform the applicant, the CrossState Credit Union Association, and the
				National Credit Union Association of the designation.
(b) The designation of the credit union as an
				LICU shall be effective on the date of the Commissioner's notice to the
				applicant.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 1 - LOW-INCOME CREDIT UNIONS › Section 3:21-1.5 - Removal of designation

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner may, after opportunity for a hearing
				  pursuant to the Administrative Procedure Act, N.J.S.A. 52:14B-14F and the
				  Uniform Administrative Procedure Rules, N.J.A.C. 1:1 and with the concurrence
				  of the appropriate Regional Director of the NCUA, remove the designation of a
				  credit union as a LICU upon determining that the credit union no longer meets
				  the criteria set forth in
				  3:21-1.2(c).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The purpose of
				this subchapter is to permit State chartered credit unions to have parity with
				Federally chartered credit unions by allowing interstate branching on a
				reciprocal basis. These rules also set forth the requirements for in-State
				branching by New Jersey State chartered credit unions.
(b) This subchapter shall apply to New Jersey
				State chartered credit unions that wish to establish a branch in New Jersey or
				in a state other than New Jersey. It shall also apply to out-of-State state
				chartered credit unions that wish to establish a branch in New Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise.
"Commissioner" means the Commissioner of the Department of
				  Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Establish a branch" means to begin operations of a branch,
				  whether by acquisition of an existing credit union or its branch, or de
				  novo.
"Home state" means the state or territory of the United
				  States in which the credit union is chartered.
"Host state" means a state, other than the home state of the
				  credit union, in which the credit union maintains, or seeks to establish and
				  maintain, a branch.
"New Jersey State chartered credit union" means a credit
				  union chartered by the State of New Jersey under
				  17:13-79 et seq.
"Out-of-State state chartered credit union" means a credit
				  union chartered under the laws of a state or territory of the United States
				  other than New Jersey.
"Solvent" means that the present cash value of a credit
				  union's assets, after providing for liabilities, exceeds the total amount of
				  its shares.
"State chartered credit union" means a credit union chartered
				  by the State of New Jersey or any other state or territory of the United
				  States, but not a Federally chartered institution.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.3 - Power to establish branches

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A New Jersey
				State chartered credit union may establish a branch in other states or
				territories of the United States provided that it is permitted to establish a
				branch by the laws of those states or territories and approval to establish
				such a branch is granted by the Commissioner.
(b) A New Jersey State chartered credit union
				may establish a branch in New Jersey with the approval of the
				Commissioner.
(c) An out-of-State
				state chartered credit union may establish a branch in this State with the
				approval of the Commissioner.
(d)
				An out-of-State state chartered credit union may relocate a previously approved
				New Jersey branch or a New Jersey State chartered credit union may relocate a
				previously approved in-State or out-of-State branch with the approval of the
				Commissioner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.4 - Content of branch applications of credit unions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				by a New Jersey State chartered credit union to establish a branch office shall
				contain:
1. The name of the credit union and
				the location of the applied for branch;
2. An original certification of a copy of the
				board resolution authorizing the application;
3. If the proposed transaction involves the
				acquisition of deposits from another credit union:
i. Pro forma balance sheet projections
				reflecting the acquiring credit union before and after the acquisition;
				and
ii. Projections of the ratio of
				capital to total assets of the credit union before and after the
				acquisition;
4. If the
				branch is to be located outside of New Jersey, a statement from the proposed
				host state regulator of credit unions that the New Jersey State chartered
				credit union is authorized by the law of that host state to establish a branch
				in that state or territory; and
5.
				All other documentation required of a specific applicant by the Commissioner or
				which the applicant wishes the Department to consider.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.5 - Criteria to establish a branch

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before granting
				approval to an out-of-State state chartered credit union to establish a branch
				in New Jersey, the Commissioner shall find that the out-of-State state
				chartered credit union:
1. Is a credit union
				organized under the credit union laws of its home state;
2. Is solvent;
3. Has deposit insurance of a type approved
				by the Commissioner for credit unions chartered by this State;
4. Is adequately examined and supervised by a
				regulatory agency of its home state;
5. Has persons in its field of membership in
				this State to serve;
6. Operates
				under laws of its home state that permit a New Jersey State chartered credit
				union to establish a branch in its home state; and
7. Has consented in writing to be examined by
				the Department either directly or by cooperative or reciprocal agreements,
				developed by the National Association of State Credit Union Supervisors, with
				its home state regulatory authority.