reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.6 - Conditions to remain in good standing to operate a branch

Current through Register Vol. 56, No. 14, July 15, 2024
(a) As a condition
				to continue to be authorized to maintain a branch in this State, an
				out-of-State state chartered credit union shall:
1. Not grant loans at interest rates that are
				higher than is permitted for credit unions incorporated pursuant to
				17:13-79 et seq.;
2. Comply with any consumer protection
				statutes or regulations that are applicable to credit unions incorporated
				pursuant to
				17:13-79 et seq.; and
3. Designate and maintain an agent in this
				State for receipt of service of process and inform the Department of the name
				and address of the agent and any change regarding the name and address of the
				agent.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.7 - Revocation or denial of authority to operate a branch

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may deny an application to establish a branch or relocate a
				previously approved existing branch if all of the applicable conditions set
				forth in 3:21-3.4 and 3.5 are not met to the
				satisfaction of the Commissioner. In the event of a denial, the credit union
				may, within 10 days of the date of the decision, request a hearing. Such
				hearing shall be conducted in accordance with the Administrative Procedure Act,
				52:14B-1 et seq., and the Uniform
				Administrative Procedure Rules, N.J.A.C. 1:1.
(b) The Commissioner may, upon notice and a
				hearing, revoke the approval of a State chartered credit union to maintain a
				branch if the Commissioner determines that:
1.
				The credit union no longer meets the requirements of
				3:21-3.5 or 3.6;
2. The credit union has violated the laws of
				this State, or the laws of its home state, or Federal laws, or orders issued by
				the Commissioner, its home state regulator or its insurer;
3. The credit union has engaged in unsafe or
				unsound credit union practices; or
4. Continued operation by the credit union
				may have a substantial adverse impact on the financial, economic or other
				interest of residents of this State.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 3 - BRANCHING BY A STATE CHARTERED CREDIT UNION › Section 3:21-3.8 - Discontinuance of a branch

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A
				State-chartered credit union that has received approval pursuant to this
				subchapter to establish a branch may discontinue the branch upon resolution of
				its board of directors. Upon the adoption of such a resolution, the credit
				union shall file a certificate with the Department specifying the location of
				the branch to be discontinued, and the date upon which the discontinuance shall
				be effective.
(b) The failure of a
				credit union to open and operate a branch within one year after the
				Commissioner approves the application shall automatically terminate the right
				of the credit union to open the branch.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 4 - CREDIT UNION MERGERS › Section 3:21-4.1 - Merger standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In approving a
				certificate and plan of merger under
				17:13-110, the Commissioner of
				Banking and Insurance shall make the following determinations:
1. The continuing credit union has a high
				likelihood of operating in a safe and sound manner following the
				merger;
2. The management of the
				continuing credit union has sufficient expertise to operate the credit union
				following the merger;
3. In the
				case of a merger involving a group or multi-group credit union and a community
				credit union, the continuing credit union has designated whether the group or
				multi-group credit charter shall survive as the operating charter, or whether
				the community charter shall survive as the operating charter; and
4. In the case of a merger involving a
				community credit union, the community does not exceed a well-defined
				neighborhood, local community or rural district which is interpreted as not
				exceeding what would be permitted under the Community Charter Requirements of
				the National Credit Union Administration.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 21 - CREDIT UNIONS › Subchapter 5 - COMMUNICATIONS FROM THE DEPARTMENT OF BANKING AND INSURANCE › Section 3:21-5.1 - Official e-mail address

Current through Register Vol. 56, No. 14, July 15, 2024
Each credit union shall provide its official e-mail address
				  to the Department as part of its annual report to the Commissioner required by
				  17:13-111. Within 10 days
				  following any change in the official e-mail address previously provided to the
				  Department, the credit union shall notify the Department in writing, on
				  letterhead signed by an officer, of the change and include the full name of the
				  entity, its old e-mail address, its new e-mail address and the effective date
				  of the change. The notice shall be sent to: New Jersey Department of Banking
				  and Insurance, Division of Banking, Attention: Office of Consumer Finance, 20
				  West State Street, P.O. Box 040, Trenton, New Jersey 08625-0040.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 22 - INSURANCE PREMIUM FINANCE COMPANY ACT › Subchapter 1 - PREMIUM FINANCE AGREEMENT › Section 3:22-1.1 - 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:
"Personal lines policies" means policies as defined by
				  11:13-1.2.
"Commercial policies" means policies subject to the
				  Commercial Insurance Deregulation Act of 1982, N.J.S.A. 17:29AA-1 et seq. and
				  11:13-1.1.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 22 - INSURANCE PREMIUM FINANCE COMPANY ACT › Subchapter 1 - PREMIUM FINANCE AGREEMENT › Section 3:22-1.2 - Premium finance agreement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) There shall be
				disclosure in each premium finance agreement of the key elements prior to the
				signature of the insured in accordance with the requirements set forth in
				17:16D-9 and (c) below.
(b) A continuous payment agreement which
				authorizes renewable or continuing arrangements is prohibited.
(c) Companies shall utilize separately signed
				premium finance agreements for each personal lines policy, renewal, addition or
				change on which the premium is to be financed. With respect to the premiums on
				commercial policies, companies may utilize either separately signed agreements,
				or one premium finance agreement covering multiple commercial policies,
				renewals, additions or changes where the commercial policies to which the
				single premium financing agreement pertains are issued through the same
				producer. Regardless of whether they finance one or multiple policies, all
				premium finance agreements shall disclose current conditions and provisions
				applicable to each loan.
(d) This
				rule shall apply to insurance premium finance companies doing business or
				authorized to do business in the State of New Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 22 - INSURANCE PREMIUM FINANCE COMPANY ACT › Subchapter 1 - PREMIUM FINANCE AGREEMENT › Section 3:22-1.3 - Annual report; penalty

Current through Register Vol. 56, No. 14, July 15, 2024
Each insurance premium finance company licensee shall file
				  an annual report as mandated by
				  17:16D-7. In accordance with
				  3:1-7.6, the Department may assess
				  a penalty against any licensee for each report the licensee files late.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 1 - GENERAL PROVISIONS › Section 3:23-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This chapter shall implement the
				provisions of
				17:1-8 et seq., 17:11C-1 et seq.,
				17:15A-1 et seq., 17:15C-1 et seq., 17:16C-1 et seq., 17:16C-82 et seq.,
				17:16D-1 et seq., 17:16G-1 et seq., 45:22-1 et seq. and 46:10B-22 et seq. which
				permit the Commissioner of Banking and Insurance to establish application fees
				for new licenses issued by the Commissioner, to set the length of license terms
				and to require the submission of annual reports by licensees.
(b) This chapter applies to all licensees as
				defined by 3:5-2.1.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 2 - APPLICATION FEES AND LICENSE TERMS › Section 3:23-2.1 - Application fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All licensees governed by the Consumer
				Finance Licensing Act,
				17:11C-1 to 50, shall be subject
				to the application fees specified in
				3:17-3.2. All licensees governed by
				the Residential Mortgage Lenders Act,
				17:11C-51 et seq., shall be
				subject to the application fees specified in
				3:15-4.1.
(b) The following table indicates the
				application fees established by the Commissioner of Banking and Insurance for
				application fees other than those specified in
				3:15-4.1 and 3:17-3.2.
Licensees
Application Fee
1. Money Transmitter
i. Money Transmitter (N.J.S.A. 17:15C-7a )
$
						  700.00
ii. Foreign Money Transmitter (N.J.S.A. 17:15C-7a
						  )
$ 700.00
2. Check Casher (17:15A-33 )
$ 700.00
3. Retail Installment Sales
i. Motor Vehicle Installment Seller (17:16C-8 )
$ 300.00
ii. Home Financing Agency (17:16C-82(a)
						   )
$ 400.00
iii. Home Repair Contractor (17:16C-82(b) 
						  )
$ 300.00
iv. Home Repair Salesman (17:16C-82(c)
						   )
$ 60.00
4. Insurance Premium Finance Company (17:16D-4 )
$ 500.00
5. Pawnbroker (45:22-4 )
$ 500.00
6. Debt Adjuster (17:16G-1 et seq.)
$
						  300.00
7. High Cost Home Loan Credit Counselor (46:10B-22 et seq.)
$
						  100.00
8. Foreclosure Consultants (46:10B-55 ) (Business including
						  Sole Proprietorship)
$ 500.00
9. Foreclosure Consultants (46:10B-55 ) (Natural
						  Persons)
$ 100.00
(c)
				Application fees are nonrefundable.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 2 - APPLICATION FEES AND LICENSE TERMS › Section 3:23-2.2 - License terms

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All newly
				issued licenses referenced in
				3:23-2.1 shall run from the date of
				issuance to the end of the license term during which the initial license was
				issued.
(b) Commencing with the
				license term that began July 1, 2007, the license term for all licenses
				referenced in
				3:23-2.1 shall be two years,
				beginning on July 1 of each odd numbered year and ending on June 30 of the next
				odd numbered year.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 4 - ANNUAL REPORTS › Section 3:23-4.1 - Filing of annual reports

Current through Register Vol. 56, No. 14, July 15, 2024
Unless otherwise prescribed by a statute or rule applicable
				  to a particular license type, each licensee listed in
				  3:23-2.1 shall file an annual
				  report on or before April 1 on a form supplied by the Commissioner. Mortgage
				  lenders and mortgage brokers shall file an annual report on or before May 1 on
				  a form supplied by the Commissioner. The form shall include the licensee's
				  name, address, official e-mail address, volume of business(es), bonding
				  information, if any, and may include any other information that the licensee is
				  required by rule or statute to maintain or report.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 4 - ANNUAL REPORTS › Section 3:23-4.2 - Electronic filing; exemption

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All annual
				reports shall be filed electronically.
(b) Licensees unable to file electronically
				may apply to the Department for an exemption from electronic filing.
(c) All exemption applications shall be
				forwarded to the Department by January 15 of the year in which the report is to
				be filed and shall include a statement certifying to the applicant's inability
				to file electronically and the reasons for that inability.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 23 - FEES, LICENSE TERMS AND ANNUAL REPORTS FOR LICENSEES › Subchapter 4 - ANNUAL REPORTS › Section 3:23-4.3 - Late filings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All annual
				reports shall be filed in accordance with
				3:1-7.6.
(b) All annual reports filed late shall be
				subject to penalties as provided in
				3:1-7.6.
(c) A final annual report shall be required
				for the calendar year in which the licensee discontinues its licensed business
				operations in New Jersey.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 1 - GENERAL PROVISIONS › Section 3:24-1.1 - Purpose

Current through Register Vol. 56, No. 14, July 15, 2024
The purpose of this chapter is to implement and to augment
				  the requirements of
				  17:15A-30 et seq., "The Check
				  Cashers Regulatory Act of 1993."
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 1 - GENERAL PROVISIONS › Section 3:24-1.4 - Application fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application
				fee of $ 700.00 shall be charged for the following:
1. Application for a principal
				office;
2. Application for a full
				branch office;
3. Application for a
				limited branch office; and
4.
				Application for a mobile office.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 1 - GENERAL PROVISIONS › Section 3:24-1.5 - Application process; requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No applicant
				for a license shall commence operations until a license has been
				issued.
(b) In addition to the
				information required to be furnished to the Department by
				17:15A-33 through 39, the
				applicant shall supply the following as part of its application for each
				director, substantial stockholder, officer, owner, partner, member, manager and
				employee of the business to be licensed:
1. A
				personal certification on a form supplied by the Commissioner;
2. A two-inch by two-inch passport style
				photograph of the persons listed in (b) above;
3. Fingerprints in the manner currently
				required by the New Jersey State Police or their authorized
				representative;
4. Application
				fee(s) as required by
				3:24-1.4; and
5. Any other information or supporting
				documentation relating to the operation of the proposed check cashing business
				which the Commissioner may require.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 2 - FINANCIAL RESPONSIBILITY › Section 3:24-2.1 - Proof of net worth; records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An applicant
				shall submit to the Department an unqualified, audited financial statement
				prepared by a Certified Public Accountant or a public accountant, in accordance
				with generally accepted accounting principles, sufficient to satisfy the
				capital and net worth requirements of
				17:15A-37. This statement shall
				reflect the financial status of the applicant as of a date not more than 12
				months prior to the date of the application. The certified public accountant or
				public accountant issuing the statement shall be in good standing with their
				State Board of Accountancy or other appropriate regulatory agency.
(b) For each subsequent application, the
				applicant may use the initial unqualified, audited financial statement,
				provided that it is less than 12 months old and that it indicates that the
				applicant meets the higher net worth and liquid assets necessary for the
				additional offices sought to be approved.
(c) In the event the accountant does not
				maintain an office in New Jersey, the licensee's records may, at the option of
				the Department, be examined at the licensee's main office.
(d) Uncollected checks may not be carried on
				a financial statement more than 90 days after presentment.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 3 - PLACE OF BUSINESS › Section 3:24-3.1 - Compliance with State and local law

Current through Register Vol. 56, No. 14, July 15, 2024
The applicant shall supply necessary permits, variances or
				  other documentation sufficient to demonstrate that the facility is in
				  compliance with all applicable State, county and municipal laws, ordinances and
				  traffic regulations.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 4 - CHECK CASHING FEES; POSTING; RETURNED CHECKS › Section 3:24-4.1 - Check cashing fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensed
				check casher shall be permitted to charge a fee for cashing a check drawn on a
				depository institution or other financial entity located in this or any other
				state, up to an amount as follows:
1. For
				cashing a check payable to a recipient of Temporary Assistance for Needy
				Families (TANF), one percent of the face amount of the check, or $.90,
				whichever is greater;
2. For
				cashing a check payable to a recipient of Supplemental Security Income pursuant
				to Subchapter XVI of the Social Security Act,
				42 U.S.C.
				§§
											1381 et seq., one and one half
				percent of the face amount of the check, or $.90, whichever is
				greater;
3. For cashing a check
				payable to a recipient of Old-Age and Survivors benefit payments pursuant to
				Subchapter II of the Social Security Act,
				42
				U.S.C. §§
											401 et seq., one and one
				half percent of the face amount of the check, or $.90, whichever is greater;
				and
4. For cashing any other check,
				2.21 percent of the face amount of the check, or $ 1.00, whichever is
				greater.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 4 - CHECK CASHING FEES; POSTING; RETURNED CHECKS › Section 3:24-4.2 - Posting of fees; signs

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The licensee
				shall post and at all times display in a conspicuous place on the premises the
				license and also the schedule of fees to be charged, which fees shall not
				exceed the maximums permitted pursuant to
				3:24-4.1. The Department shall
				determine the number of signs which shall be posted and shall designate those
				areas in the check cashing facility where these signs will be displayed,
				depending upon the size of the office and its physical layout. These signs
				shall be in both the English language and Spanish language except where the
				Department deems it necessary that a different or additional language be
				used.
(b) Each sign shall be
				printed on heavy cardboard or other durable material, with printed information
				in a minimum of 22 point type with appropriate headings of at least 24 point
				bold type. These signs shall read as follows:
STATE LICENSED CHECK CASHER MAXIMUM
AND MINIMUM FEES YOU CAN BE CHARGED
2.21% OF YOUR CHECK
Example:
New Jersey check
$ 300.00
Maximum fee
6.63
2.21%
Cash to you
$ 293.37
The minimum fee is $ 1.00.
CHECKS PAYABLE TO PERSON UNDER
TEMPORARY ASSISTANCE FOR NEEDY
FAMILIES (TANF) 1% OF YOUR CHECK
Example:
TANF check
$ 300.00
Maximum fee
3.00
1%
Cash to you
$ 297.00
The minimum fee is $ .90.
SUPPLEMENTAL SECURITY INCOME CHECKS
(Sub XVI) 1 1/2% OF YOUR CHECK
Example:
SSI check
$ 300.00
Maximum fee
4.50
1 1/2 %
Cash to you
$ 295.50
The minimum fee is $ .90.
SOCIAL SECURITY
OLD AGE AND SURVIVORS CHECKS
(Sub II) 1 1/2 % OF YOUR CHECK
Example:
SS check
$ 300.00
Maximum fee
4.50
1 1/2 %
Cash to you
$ 295.50
The minimum fee is $ .90.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 4 - CHECK CASHING FEES; POSTING; RETURNED CHECKS › Section 3:24-4.3 - Returned check fee; prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No licensee
				shall impose any charge or fee for a returned check on the customer who cashes
				the check.
(b) A licensee may
				charge a fee to the maker of the check, sufficient to reimburse the licensee
				for the charge imposed by the bank which returns the check unpaid.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.1 - Check cashing procedure

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to
				the requirements of N.J.S.A. 17:15A-44c, e and j, each licensee shall:
1. Pay to each customer tendering a check,
				draft or money order to be cashed, the entire face amount of the instrument in
				cash less any charges permitted by law, on the same date upon which the
				instrument is presented;
2.
				Indicate on each check, draft or money order cashed at the time of cashing, the
				date on which the item was cashed; and
3. Give each person presenting a check, draft
				or money order for cashing upon completion of each transaction an itemized
				receipt indicating the name of the check casher, the teller number indicating
				which teller completed the transaction, the amount of the check cashed, the
				amount of the fee charged to cash the check and the amount of cash given to the
				person cashing the check.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.2 - Recordkeeping

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to
				the requirements of
				17:15A-44(l), a
				Summary of Business Record shall be maintained in which the number of checks,
				drafts, or money orders cashed, their total face amount, and the aggregate fees
				received, shall be shown for each business day and totaled for each calendar
				month. If this information is included in a horizontal form of daily cash
				reconcilement, that record will be acceptable in lieu of a separate summary of
				business. The summary record shall consist of six categories:
1. All 2.21 percent checks cashed;
2. All one percent checks cashed, including
				TANF checks;
3. All one and
				one-half percent checks cashed including SSI and Social Security Old Age and
				Survivors checks;
4. All no-fee
				checks cashed;
5. All check cashing
				customer receipts; and
6. Any other
				checks cashed which do not fit into categories (a)1 through 5 above.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.3 - Return items record

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A return items
				record shall be maintained in which the following information shall be clearly
				recorded with respect to each check, draft or money order, returned unpaid:
1. The date on which each check, draft or
				money order was originally cashed by licensee;
2. The issuer of each check, draft or money
				order;
3. The date of each check,
				draft or money order returned unpaid;
4. The name of the drawer of each check,
				draft or money order returned unpaid;
5. The name of the payee or last endorser of
				each check, draft or money order;
6. The amount of each check, draft or money
				order returned unpaid;
7. The name
				of the bank on which each check, draft or money order is drawn;
8. The reason for which each check, draft or
				money order was returned unpaid;
9.
				The date on which each check, draft or money order was redeposited;
10. The date and manner of payment of each
				check, draft or money order, with complete details of the disposition made of
				it, including a record of the specific check, draft or money order utilized in
				the payment of the original item; and
11. A current record, updated (monthly),
				showing the efforts and progress being made to collect any unpaid checks,
				drafts, or money orders, including the receipt of partial payments.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.4 - Daily cash reconcilement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A daily cash
				reconcilement shall be maintained which shall contain the following
				information:
1. Cash on hand at opening of
				business;
2. Checks, drafts or
				money orders cashed the previous day and on hand at opening of
				business;
3. Cash received during
				the day showing in detail the source of funds;
4. The total amount of fees received during
				the day;
5. The sum of items (a)1
				through 4 above;
6. The total
				deposits made during the day;
7.
				Other cash paid out during the day showing in detail the nature of the
				disbursement;
8. The sum of items
				(a)6 and 7 above;
9. Item (a)5 less
				item (a)8 above, representing the cash on hand and the total of undeposited
				checks, drafts or money orders, cashed during the day;
10. The total of cash included in item (a)9
				above; and
11. Cash on hand at
				close of business day with shortages or overages explained (disposition or
				resolution).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.5 - Deposits

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All checks,
				drafts and money orders shall be deposited no later than the next business day
				in a financial institution located in this State which has been identified to
				the Department or located outside this State, if the out-of-State financial
				institution is approved by the Commissioner as set forth in this section. Use
				of a bank's night deposit facility, if any, is permitted. In order for an
				out-of-State financial institution to qualify for approval by the Commissioner,
				it shall:
1. Be insured by the Federal
				Deposit Insurance Corporation;
2.
				Provide a letter from its primary regulator confirming that the financial
				institution is adequately capitalized and managed; and
3. Not make or facilitate, directly or
				indirectly, payday loans, title loans or refund anticipation loans through the
				check casher or otherwise in this State, and shall provide a certification to
				the Department to that effect.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.6 - Dual business and deposit record requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The checks,
				drafts, money orders or cash of any other business in which the licensee is
				engaged shall not be commingled with other funds in the licensee's bank account
				or with the cash or checks on hand.
1. A
				licensee may apply to the Commissioner in writing for an exception to the
				requirements set forth in (a) above which prohibits commingling of checks,
				drafts, money orders or cash of any other business conducted by the licensee on
				the same premises, with the cash or checks on hand. The Commissioner shall
				grant an exception based on the following criteria and conditions:
i. The licensee shall continue to maintain a
				separate bank account for the check cashing business as required by N.J.S.A.
				17:15A-44f and
				3:24-5.6(a);
ii. The licensee shall provide the Department
				with complete access to all check cashing records, as well as the records of
				all other businesses, funds of which are commingled with funds of the check
				cashing business, conducted by the licensee at the licensed location(s) and/or
				at the approved limited station branch(es);
iii. The licensee shall maintain and utilize
				a separate payment bank account for transfers of funds and/or payment of funds
				related to other businesses;
iv.
				The licensee shall fill out Department Form No. 001-95 on a daily basis for
				each licensed location and for each limited station branch. Form No. 001-95
				shall provide financial accounting deemed sufficient to track the flow of funds
				and to reconcile cash balances of all activities which result in use of the
				check cashing drawer for funds. These forms shall be maintained on file for a
				period of two years; and
v. The
				check cashing register tape of all activity (including, but not limited to,
				checks cashed and money order activity) shall be available with Form No.
				001-95.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 5 - CONDUCT OF BUSINESS › Section 3:24-5.7 - Prohibitions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to
				the prohibitions contained in
				17:15A-30 et seq., no licensee or
				person acting on behalf of a licensee shall:
1. Cash a check made payable to
				"cash";
2. Cash a check using any
				form of consideration other than cash; or
3. Cash a check for anyone other than the
				payee named on the face of the check, except where the presenter of the check
				to be cashed has obtained a written, notarized authorization from a disabled
				payee specifically requesting the presenter to cash the check.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 6 - ADDITIONAL REPORTS › Section 3:24-6.1 - Annual report

Current through Register Vol. 56, No. 14, July 15, 2024
Each check cashing licensee shall file an annual report as
				  mandated by
				  17:15A-45. In accordance with
				  3:1-7.6, the Department shall
				  assess a penalty against a licensee for each report the licensee files
				  late.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 6 - ADDITIONAL REPORTS › Section 3:24-6.2 - Additional reports

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In any case in
				which the Commissioner finds that reasonable grounds exist for requiring
				additional recordkeeping and reporting, the Commissioner may issue an order
				requiring any licensee or group of licensees in a geographic area to provide
				information regarding transactions that involve a total dollar amount or
				denomination of $ 2,500 or more, including the names of the persons
				participating in those transactions.
(b) A licensee shall maintain in its files
				for five years a copy of any Currency Transaction Report it is required to file
				with the New Jersey Attorney General's office and the Federal
				government.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 1 - DEBT ADJUSTMENT AND CREDIT COUNSELING FEES › Section 3:25-1.2 - Fees charged by licensed nonprofit social service and nonprofit consumer credit counseling agencies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee may
				charge a fee to cover the cost of providing debt adjustment and credit
				counseling.
1. The fee for debt adjustment
				shall not exceed one percent of the gross monthly income of the client but in
				no case more than $ 25.00 in any one month. This fee may be waived at the
				discretion of the licensee.
2. The
				fee that the licensee may charge a client for credit counseling services shall
				not exceed $ 60.00 in any one month.
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 3:25-2.1 - Eligibility for license or registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person other
				than a nonprofit social service agency or a nonprofit credit counseling agency
				duly licensed in accordance with the Debt Adjuster Act and this chapter shall
				act as a debt adjuster.
(b) An
				unlicensed nonprofit social service agency or nonprofit credit counseling
				agency may provide high-cost home loan credit counseling if it is registered in
				accordance with this chapter. In order to provide high-cost home loan credit
				counseling, agencies licensed pursuant to the Debt Adjuster Act shall also be
				registered in accordance with this chapter.
(c) To be eligible for a license under the
				Debt Adjuster Act, a nonprofit social service agency or nonprofit consumer
				credit counseling agency shall establish a board of directors whose function
				shall be to establish the policies of the agency. No more than 40 percent of
				the members of the board shall have as their principal employer any
				corporation, association or institution that offers credit to the general
				public.
(d) To be eligible for
				registration as a high-cost home loan credit counselor, an agency, including an
				agency licensed pursuant to the Debt Adjuster Act, shall be a non-affiliated
				third party nonprofit credit counseling agency approved by the United States
				Department of Housing and Urban Development.
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 3:25-2.3 - Office requirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or
				registrant is not required to have a place of business in this State in order
				to conduct business in this State. A licensee or registrant with more than one
				office shall designate one office as its principal office, at which it shall
				receive official notices from the Department.
(b) Prior to conducting debt adjusting at any
				new location, the licensee shall file with the Commissioner the address of the
				office and the license application fee required by
				3:25-2.2.
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 3:25-2.4 - Bond

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall maintain a bond in an amount not less than $ 50,000 for the first office
				and $ 25,000 for each additional office from a surety company authorized to do
				business in this State. The bond shall run to the State, pro rata, for its
				benefit and for the benefit of all consumers injured by the wrongful act,
				omission, default, fraud or misrepresentation of the licensee in the course of
				activity as a debt adjuster or credit counselor and for the benefit of the
				Department for unpaid assessments, unpaid penalties and any other obligation of
				the licensee to the Department, including, but not limited to, returned items
				submitted to the Department in payment of bills, penalties, charges or fees.
				The bond shall not be payable for claims made by business creditors. No bond
				shall comply with this section unless it contains a provision that it shall not
				be cancelled for any reason unless notice of intention to cancel is filed with
				the Department at least 30 days before the day upon which cancellation shall
				take effect.
(b) The amount of the
				bond required by (a) above shall be considered as attributable to the first 250
				debtors serviced at any office and the first $ 250,000 in funds held in the
				trust account of the licensee. The amount of the bond required by (a) above
				shall be increased based on information regarding the number of New Jersey
				debtors serviced by and the balance held in the trust accounts of licensees as
				set forth below:
1. The amount of the bond
				shall be increased by $ 25,000 for each additional set of 250 New Jersey
				debtors or portion thereof serviced at each office as reported in the most
				recent annual report;
2. The amount
				of the bond shall be increased by $ 25,000 for each set of $ 250,000 or portion
				thereof in additional funds held in the trust account of the licensee based on
				the average of the highest daily balance each month as reported in the most
				recent annual report.
For example, if a licensee had three offices and serviced 800
				  debtors at the first office, 300 at the second and 180 at the third and had an
				  average trust account balance of $ 400,000, the bond would be increased by $
				  125,000, comprised of $ 75,000 for the first office, $ 25,000 for the second
				  office and zero additional for the third office, and by $ 25,000 for the
				  increased trust account balance.
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 3:25-2.5 - Annual audit requirement

Current through Register Vol. 56, No. 14, July 15, 2024
Each licensee shall have its financial records relating to
				  debt adjustment audited annually by a certified public accountant or a public
				  accountant. The auditor shall certify that the salaries and expenses paid by
				  the licensee are reasonable compared to those incurred by comparable
				  organizations providing similar services. The licensee shall be responsible for
				  submitting or verifying the submission of the audit report to the Commissioner
				  within 30 days of its issuance.
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 3:25-2.6 - Duties of debt adjusters

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every licensee
				acting as a debt adjuster shall:
1. Disburse
				to the appropriate creditors all funds received from a debtor, less any fees
				permitted by
				3:25-1.2, within 10 days of receipt
				of those funds;
2. Maintain a
				separate trust account in a qualified bank as defined in
				17:9A-1, in the name of the debt
				adjuster for the benefit of the debtors serviced by the debt adjuster;
				and
3. Maintain an appropriate
				ledger book for the trust account required by (a)2 above, 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.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 3 - PENALTIES AND EXAMINATION › Section 3:25-3.1 - Penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may revoke, suspend or refuse to issue or renew a license, if
				after notice and hearing conducted in accordance with the Administrative
				Procedure Act,
				52:14B-1 et seq. and the Uniform
				Administrative Procedure Rules, N.J.A.C. 1:1, the Commissioner determines that
				the licensee or applicant:
1. Has violated any
				provision of the Debt Adjuster Act or any order rule or regulation issued
				pursuant to that Act;
2. Has failed
				to pay any fee, penalty, or other lawful levy imposed by the
				Commissioner;
3. Has withheld
				information or made a material misstatement in an application for a license or
				in any other submission to the Department;
4. Has been convicted of an offense involving
				breach of trust, moral turpitude or fraudulent or dishonest dealing, or has had
				a final judgment entered against him or her in a civil action upon grounds of
				fraud, misrepresentation or deceit;
5. Is associating with, or has associated
				with, any person who has been convicted of an offense involving breach of
				trust, moral turpitude or fraudulent or dishonest dealing, or who has had a
				final judgment entered against him or her in a civil action upon grounds of
				fraud, misrepresentation or deceit;
6. Has become insolvent or has acted in a way
				that indicates that the licensee's debt adjustment and credit counseling
				business would not be operated in a financially responsible manner;
				or
7. Has demonstrated
				unworthiness, incompetence, bad faith or dishonesty in transacting business or
				otherwise.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 3 - PENALTIES AND EXAMINATION › Section 3:25-3.2 - Injunctions

Current through Register Vol. 56, No. 14, July 15, 2024
If the Commissioner has reason to believe that any person or
				  licensee has engaged or is engaging in any practice or transaction prohibited
				  by either of the Acts, the Commissioner may, in addition to any other 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 in or in any way
				  participating or about to participate in those practices or transactions, to
				  enjoin the person from continuing those practices or engaging in or doing any
				  act in furtherance of those practices or in violation of the Acts.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 3 - PENALTIES AND EXAMINATION › Section 3:25-3.3 - Right of investigation and examination

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner may make such investigations and
				  examinations of any licensee or other person as he or she deems necessary to
				  determine compliance with either of the Acts, these rules or orders issued by
				  the Commissioner. For such purposes, he or she may examine, or compel by
				  subpoena, the production of all relevant books, records, and other documents
				  and materials relative to an examination or investigation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.1 - Certification of receipt of high-cost home loan counseling

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Registered
				high-cost home loan credit counselors shall certify on a form approved by the
				Department that the consumer has received counseling on a high-cost home loan
				provided in accordance with the Home Ownership Security Act and the minimum
				standards set forth in
				3:25-4.2.
(b) The certification shall include, but not
				be limited to:
1. The names of the borrower
				and of the individual who provided the counseling;
2. The time and manner of the consultation,
				indicating whether the consultation occurred in person, by telephone, on the
				Internet, or by other identified means;
3. The length of time of the
				consultation;
4. The name of the
				prospective lender;
5. The amount,
				term, interest rate, annual percentage rate ("APR"), points and fees of the
				prospective loan;
6. A statement
				that the advice given by the counselor meets or exceeds the standards required
				by this chapter;
7. The topics
				discussed;
8. The dated signatures
				of both the individual who provided the counseling and the consumer;
9. A statement that the high-cost home loan
				credit counselor is not affiliated with any high-cost home loan lender and is a
				non-affiliated third party agency as defined in
				3:25-1.1; and
10. Information disclosing whether a fee has
				been paid to the high-cost home loan credit counselor for providing counseling
				to the particular borrower named on the certification and, if so, the amount of
				the fee and the identity of the payor.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.2 - Minimum standards for individuals providing high-cost home loan credit counseling

Current through Register Vol. 56, No. 14, July 15, 2024
(a) High-cost home
				loan credit counselors, and the individuals they employ to counsel prospective
				high-cost home loan borrowers, shall:
1.
				Possess sufficient expertise and ability to provide counseling on high-cost
				home loans to consumers as prescribed in
				3:25-4.3 in a reasonably competent
				manner;
2. Possess an adequate
				working knowledge of high-cost home loans, sub-prime loans and other basic loan
				forms; and
3. Have an adequate
				working knowledge of all pertinent New Jersey and Federal consumer credit and
				banking laws and regulations.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING › Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING › Section 3:25-4.3 - Minimum standards for certifications of high-cost home loan credit counseling

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to
				providing a certification in compliance with
				46:10B-26(g),
				persons providing high-cost home loan credit counseling shall review with the
				consumer the following:
1. The estimated total
				monthly payment on the loan based upon principal and interest and, if
				applicable, taxes, homeowner's insurance and any other costs to be included in
				the monthly payment;
2. The equity
				that currently exists in the borrower's home, to the extent it is
				known;
3. The effect of the loan's
				terms, including its actual interest rate, annual percentage rate, points,
				fees, any provision for a balloon payment and prepayment penalties;
4. The borrower's financial situation both
				before and after the prospective loan, including the impact that the loan will
				have on the borrower's general financial condition and monthly finances, any
				personal benefits, and the advantages and disadvantages of proceeding with the
				high-cost home loan transaction;
5.
				The Federal Regulation X good faith estimate and Federal Regulation Z Truth in
				Lending Disclosure Statement, or other informational documentation supplied by
				the lender which provides the minimum information concerning the prospective
				high-cost home loan necessary for certification;
6. Opportunities for the borrower to seek
				other means of funding;
7. That the
				counselor is a non-affiliated third party agency and is not affiliated with any
				lender who offers high-cost home loans; and
8. Other information necessary to ensure that
				the consumer understands their obligations with regard to the prospective
				high-cost home loan and the ramifications of default.