reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 2 - REQUIRED REPORTING AND FILINGS WITH THE DEPARTMENT OF BANKING › Section 3:12-2.4 - Filing of annual report

Current through Register Vol. 56, No. 14, July 15, 2024
(a) On or before
				April 1 of each year, each qualified corporation shall file an annual report on
				a form approved by the Commissioner containing the following:
1. The address of the principal corporate
				office;
2. The address of the
				principal office located in this State;
3. The names and home addresses of corporate
				directors and executive officers;
4. An unqualified audited financial statement
				as of the end of its most recent fiscal year prepared by a certified public
				accountant or a public accountant disclosing its assets, liabilities and
				capital;
5. Proof of fidelity
				insurance coverage required by
				3:12-4.1;
6. The opinion of a certified public
				accountant or public accountant required by
				3:12-2.3(b);
				and
7. A filing fee of $
				100.00.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 2 - REQUIRED REPORTING AND FILINGS WITH THE DEPARTMENT OF BANKING › Section 3:12-2.5 - Examination by Commissioner

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner may at any time, either personally or by a
				  person or persons duly designated by him or her, examine the records of a
				  qualified corporation. The costs of such examination shall be borne by the
				  qualified corporation so examined in accordance with the fees set forth in
				  3:1-6.6(b).
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 3 - CAPITAL REQUIREMENTS › Section 3:12-3.1 - Minimum capital

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation shall maintain capital equal to $
				  5,000 for each corporate issuer serviced or $ 100,000, whichever is greater.
				  Unless otherwise directed by the Commissioner, no qualified corporation shall
				  be required to maintain capital in excess of $ 1,000,000.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 3 - CAPITAL REQUIREMENTS › Section 3:12-3.2 - Restriction on new accounts for deficient capitalization

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation which does not meet the minimum
				  capitalization as required by this chapter shall not enter into a service
				  agreement or contract with a corporate issuer to act as a registrar, transfer
				  agent or fiscal agent. Renewals of existing contracts or agreements are not
				  subject to this regulation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 3 - CAPITAL REQUIREMENTS › Section 3:12-3.3 - Maximum time period for deficient capitalization

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation shall not remain in a deficient
				  capital position as calculated by standards prescribed by this chapter for a
				  period of time in excess of 12 months or such other period of time as the
				  Commissioner may prescribe.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 3 - CAPITAL REQUIREMENTS › Section 3:12-3.4 - Restriction on capital notes or debentures

Current through Register Vol. 56, No. 14, July 15, 2024
For the purposes of meeting minimum capital requirements as
				  prescribed by this Chapter, the total unsecured subordinated capital notes or
				  debentures outstanding shall not exceed the aggregated of capital stock,
				  surplus and undivided profits.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 4 - REQUIRED INSURANCE › Section 3:12-4.1 - Minimum fidelity insurance coverage

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A qualified
				corporation shall obtain a bankers or stockbrokers blanket bond which covers:
1. Each director who handles or has charge or
				custody of money, securities or other valuable property of the corporation;
				and
2. All officers and employees
				of the corporation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 4 - REQUIRED INSURANCE › Section 3:12-4.3 - Director$DQ$s review of insurance

Current through Register Vol. 56, No. 14, July 15, 2024
Insurance coverages maintained by a qualified corporation
				  shall be reviewed annually by the board of directors to determine the
				  sufficiency of coverages maintained based on the volume and nature of
				  operations. Evidence of the review shall be made available to the Commissioner
				  upon request.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.1 - Establishment of a place of business

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation shall maintain a place of business
				  in the State of New Jersey and establish hours at which time business will be
				  transacted.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.2 - Vault protection

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation shall provide a vault for the
				  storage and adequate protection, as determined by the Commissioner, of all
				  stock certificates except those certificates which have been cancelled as a
				  result of a complete transfer transaction.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.3 - Reconstruction of records

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation which maintains the corporate
				  issuer's stockholder records or ledger shall develop, implement and maintain a
				  system providing for the reconstruction of the stockholders ledger.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.4 - Safekeeping; stock certificates

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A qualified
				corporation acting as a transfer agent shall provide safekeeping facilities for
				undeliverable stock certificates.
(b) A record of all items held in safekeeping
				shall be maintained and such record shall reflect the following minimum
				information:
1. The name and last known
				address of the beneficial owner;
2.
				The name of the corporate issuer; and
3. The certificate number, number of shares
				and the date each stock certificate was placed in safekeeping
				facilities.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.5 - Safekeeping unclaimed cash dividends

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A qualified
				corporation acting as a transfer agent shall provide for the adequate
				protection of unclaimed cash dividends.
(b) A record of all unclaimed cash dividends
				shall be maintained and such record shall reflect the following minimum
				information:
1. The name and last known
				address of the beneficial owner;
2.
				The name of the corporate issuer; and
3. The date the dividend was paid.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.6 - Escheat

Current through Register Vol. 56, No. 14, July 15, 2024
Undeliverable stock certificates, unclaimed cash dividends
				  or any other unclaimed personal property shall be subject to existing State
				  escheat laws.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 12 - REGISTRAR AND TRANSFER AGENTS › Subchapter 5 - PREMISES AND RECORDS › Section 3:12-5.7 - Transfer transaction journal

Current through Register Vol. 56, No. 14, July 15, 2024
A qualified corporation acting as a transfer agent shall,
				  based on the volume of transactions, periodically, but at least once in a
				  12-month period, provide the corporate issuer with a copy of the corporate
				  issuer's transfer transaction journal.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 1 - BANK HOLDING COMPANY APPLICATIONS › Section 3:13-1.2 - Application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application,
				except as provided in (e) below, to acquire a New Jersey bank or New Jersey
				bank holding company shall contain the following information on a form provided
				by the Department:
1. The name and location of
				the person proposing to acquire the New Jersey bank or New Jersey bank holding
				company;
2. The name and location
				of the New Jersey bank or New Jersey bank holding company;
3. Certified copies of:
i. The board resolution of the person
				authorizing the proposed acquisition of the New Jersey bank or New Jersey bank
				holding company; and
ii. The board
				resolution of the New Jersey bank or New Jersey bank holding company being
				acquired approving the proposed acquisition, when such approval has been
				adopted;
4. A list of
				any New Jersey banks affiliated with the applicant;
5. If an out-of-State bank holding company,
				proof that the applicant has complied with or is exempted from the requirements
				of 14A:13-3 and 4 requiring
				registration by foreign corporations doing business in this State;
				and
6. An application fee of $
				1,000 if the requester is not subject to assessment pursuant to N.J.A.C. 3:5
				but no fee shall be charged if the requester is subject to
				assessment.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 2 - BANK HOLDING COMPANY REPORTING › Section 3:13-2.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
This subchapter requires filing of financial reports by all
				  persons or companies controlling New Jersey banks or New Jersey bank holding
				  companies. This subchapter will enable the Commissioner to monitor the
				  activities of individuals and companies that control New Jersey banks or New
				  Jersey bank holding companies.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 2 - BANK HOLDING COMPANY REPORTING › Section 3:13-2.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The words and terms defined at
				  3:13-1.1 when used in this
				  subchapter, shall have the meanings set forth in
				  3:13-1.1, unless the context
				  clearly indicates otherwise.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 2 - BANK HOLDING COMPANY REPORTING › Section 3:13-2.4 - Reporting for persons other than bank holding companies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Each person who
				controls a New Jersey bank or New Jersey bank holding company that does not
				file a report with any other bank supervisory agency shall annually file with
				the Commissioner, on or before April 1 of each year, the following information
				on forms provided by the Department:
1. Name
				and address of the person;
2. A
				resume of material business activities and affiliations during the past five
				years;
3. A description of pending
				legal or administrative proceedings in which the person is a party and any
				criminal indictment or conviction of the individual issued by a state or
				federal court; and
4. A statement
				of assets and liabilities of the person for each of the five preceding fiscal
				years, together with related statements of income and sources and applications
				of funds for each of those fiscal years.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 3 - BANK HOLDING COMPANY EXAMINATIONS › Section 3:13-3.1 - Examination charges

Current through Register Vol. 56, No. 14, July 15, 2024
The Commissioner may examine any company which controls a
				  New Jersey bank or New Jersey bank holding company, and shall charge for such
				  an examination an individual per hour per examiner charge plus a per day travel
				  expense charge in amounts set forth in
				  3:1-6.6.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.1 - 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:
"Board of directors" may be used to mean "board of
				  managers."
"Capital stock savings bank" means any savings bank chartered
				  pursuant to the provisions of
				  17:9A-8.1 et seq.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Director" may be used to mean "manager" or "trustee."
"Organizing mutual savings bank" means a mutual savings bank
				  which has its principal office of business in this State, the board of
				  directors of which propose to form a mutual savings bank pursuant to this
				  subchapter.
"Mutual savings bank holding company" means a mutual savings
				  bank holding company formed pursuant to
				  17:9A-382 et seq., which has its
				  principal office of business in this State.
"Subsidiary capital stock savings bank" means a capital stock
				  savings bank which has been incorporated by the directors of a mutual savings
				  bank holding company, a majority of the stock of which subsidiary capital stock
				  savings bank is held by a mutual savings bank holding company.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.2 - Formation of mutual savings bank holding company

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of an organizing mutual savings bank may apply to the Commissioner to
				form a mutual savings bank holding company in any of the following ways:
1. Plan 1: The board of directors may apply
				to incorporate a mutual savings bank holding company, transfer a portion of the
				organizing mutual savings bank's assets to the holding company, and then
				convert the organizing mutual savings bank to a subsidiary capital stock
				savings bank;
2. Plan 2: The board
				of directors may apply to incorporate a mutual savings bank holding company,
				form a subsidiary capital stock savings bank, and either merge the organizing
				mutual savings bank into the subsidiary capital stock savings bank or sell or
				transfer the assets and liabilities of the organizing mutual savings bank to
				the subsidiary capital stock savings bank and liquidate the organizing mutual
				savings bank;
3. Plan 3: The board
				of directors may apply to form a mutual savings bank holding company by
				incorporating a subsidiary capital stock savings bank, and by transferring a
				substantial part of the assets and liabilities of the organizing mutual savings
				bank to the newly formed subsidiary capital stock savings bank in return for a
				majority of its capital stock; or
4. Any other method of reorganization
				approved by the Commissioner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.3 - Application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of an organizing mutual savings bank may apply to form a mutual
				savings bank holding company by submitting the following to the Commissioner:
1. A description of the proposed formation of
				the mutual savings bank holding company;
2. A certified copy of the resolution of the
				board of directors of the organizing mutual savings bank authorizing the
				application by a two-third vote of the board;
3. A certificate of incorporation for the
				mutual savings bank holding company containing:
i. The name by which the mutual savings bank
				holding company shall be known;
ii.
				The street, street number, and municipality where the principal office of the
				mutual savings bank holding company is to be located;
iii. The names and addresses of the directors
				of the organizing mutual savings bank;
iv. The number of directors of the mutual
				savings bank holding company;
v.
				The names of persons who are to act as directors of the mutual savings bank
				holding company until their successors are elected and qualified;
vi. The amount of capital deposits and
				surplus which are to be transferred from the organizing mutual savings bank to
				the mutual savings bank holding company;
vii. A provision allowing for the retention
				of any interests of the respective depositors of the organizing mutual savings
				bank in the assets of the organizing mutual savings bank, according to a fair
				valuation, including assets which are proposed to be transferred from the
				organizing mutual savings bank to the mutual savings bank holding company;
				and
viii. A provision providing for
				the establishment of a liquidation account;
4. Biographical statements for each director
				of the subsidiary capital stock savings bank and mutual savings bank holding
				company;
5. A completed form from
				the New Jersey State Police requesting criminal history record information for
				each director for the subsidiary capital stock savings bank and mutual savings
				bank holding company;
6. Proposed
				by-laws of the subsidiary capital stock savings;
7. A business plan for the mutual savings
				bank holding company and subsidiary capital stock savings bank; and
8. A copy of any applications for
				establishment of a mutual savings bank holding company filed with any Federal
				regulator.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.4 - Approval of application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Commission
				shall approve the application for a mutual savings bank holding company upon a
				finding of the following factors:
1. The
				establishment of a mutual savings bank holding company is in the best interests
				of the depositors of the mutual savings bank;
2. The qualifications, experience and
				character of the proposed officers and directors of the mutual savings bank
				holding company are sufficient to result in the successful operation of the
				mutual savings bank holding company;
3. The interests of the public will be served
				by the establishment of a mutual savings bank holding company;
4. The mutual savings bank holding company is
				adequately capitalized; and
5. The
				establishment of the mutual savings bank holding company meets the requirements
				of law.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.5 - Board of directors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of a mutual savings bank holding company shall be managed by a board
				of not less than six nor more than 21 directors.
(b) Directors of a mutual savings bank
				holding company shall be elected by a plurality of the members of the board of
				the mutual savings bank holding company at the annual meeting for a term of up
				to three years, as provided in the by-laws.
(c) A vacancy on the board of directors may
				be filled by a plurality of the members of the board of directors for the
				remainder of the unexpired term. If the board fails to fill a vacancy for one
				year, the Commissioner may appoint a member to the board.
(d) Directors of a mutual savings bank
				holding company may be paid reasonable compensation. The compensation paid to
				directors shall be fixed by a majority vote of the board. The Commissioner may
				direct that the amount of compensation paid to directors be reduced if it is
				deemed to be excessive. The Commissioner shall consider the duties, experience,
				education and responsibilities of the director, and any other relevant factors,
				when making this determination.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.6 - Officers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of
				directors of a mutual savings bank holding company at the first meeting
				following each annual meeting may elect a Chairman of the Board and shall elect
				a President, both of whom shall be directors. The board of directors shall
				select the Chairman of the Board, President or another officer who is a
				director to be the chief executive officer. The board of directors shall also
				appoint a Secretary and a Treasurer, neither of whom need be
				directors.
(b) A mutual savings
				bank holding company may pay its officers any reasonable compensation as may be
				from time to time fixed by the board of directors. The Commissioner may direct
				that the amount of compensation paid to officers be reduced if it is deemed to
				be excessive. The Commissioner shall consider the duties, experience, education
				and responsibilities of the officer, and any other relevant factors, when
				making this determination.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 13 - BANK HOLDING COMPANIES › Subchapter 5 - MUTUAL SAVINGS BANK HOLDING COMPANIES › Section 3:13-5.7 - Division of surplus

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The board of a
				mutual savings bank holding company may, by a majority vote of the directors,
				divide any surplus which is in excess of the amount required for the operations
				of the mutual savings bank holding company and which is not necessary to
				maintain the safety and soundness of the mutual savings bank holding company,
				and may distribute this surplus to the depositors of its subsidiary capital
				stock savings bank or banks. All such distributions shall be made equitably
				based on the amount deposited by each depositor in the subsidiary capital stock
				savings bank or banks.
(b) The
				Commissioner may, if he or she deems the surplus held by a mutual savings bank
				holding company to be excessive, either upon petition or on the Commissioner's
				own initiative, order the savings bank holding company to distribute the
				surplus to the depositors of its subsidiary capital stock savings bank or
				banks.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 14 - BANK SERVICE CORPORATIONS › Subchapter 1 - BANK SERVICE CORPORATIONS › Section 3:14-1.2 - Permissible activities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to
				3:14-1.3, a banking institution may
				engage in the following activities:
1.
				Contracting with a bank service corporation for the provision of bank
				services;
2. Investing in a bank
				service corporation, except that:
i. No bank
				shall invest in any one bank service corporation if the total of all the bank's
				investments in that bank service corporation exceeds, or if the making of such
				an investment would cause such total to exceed, 10 percent of the bank's
				unimpaired capital stock and surplus;
ii. No bank shall invest in a bank service
				corporation if the total of all the bank's investments in bank service
				corporations exceeds, or if the making of such an investment would cause such
				total to exceed, 15 percent of the bank's unimpaired capital stock and
				surplus;
iii. No savings bank shall
				invest in any one bank service corporation if the total of all the savings
				bank's investments in that bank service corporation exceeds, or if the making
				of such an investment would cause such total to exceed, five percent of the
				surplus of the savings bank;
iv. No
				savings bank shall invest in a bank service corporation if the total of all the
				savings bank's investments in bank service corporations exceeds, or if the
				making of such an investment would cause such total to exceed, 7.5 percent of
				the surplus of the savings bank; and
v. No bank or savings bank shall invest in a
				bank service corporation unless that bank service corporation has agreed in
				writing to submit to periodic examinations and to regulation by the Department.
				The costs of such examination shall be borne by the bank or savings
				bank.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 14 - BANK SERVICE CORPORATIONS › Subchapter 1 - BANK SERVICE CORPORATIONS › Section 3:14-1.4 - Standards for approving or disapproving applications

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In evaluating
				an application or notice under
				3:14-1.3, the Commissioner may
				disapprove the application or bank service if, in his or her judgment:
1. The activity is inappropriate for the bank
				service corporation or for any affiliate;
2. The activity is unduly risky to the safety
				and soundness of the bank service corporation or for any affiliate;
				or
3. The bank service corporation
				or any affiliate has a substantial problem in any of the following areas:
i. Financial history and condition;
ii. Managerial resources;
iii. Funding and liquidity;
iv. Interest-rate exposure;
v. Concentration of assets; or
vi. Volume of assets classified as
				substandard, doubtful or loss, or subject to special mention.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 14 - BANK SERVICE CORPORATIONS › Subchapter 1 - BANK SERVICE CORPORATIONS › Section 3:14-1.5 - Services to noninvestors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A bank service
				corporation shall not discriminate unreasonably in the provision of any bank
				services, authorized under
				17:9A-24.1 et seq. or this
				chapter, to any banking institution that does not own stock in the bank service
				corporation on the ground that the nonstockholding banking institution is in
				competition with a banking institution that owns stock in the bank service
				corporation, except that:
1. It shall not be
				considered unreasonable discrimination for a bank service corporation to charge
				a nonstockholding banking institution a price for providing bank services that
				reflects the full cost of offering those services, including the cost of
				capital and a reasonable return thereon; and
2. It shall not be considered unreasonable
				discrimination for a bank service corporation to refuse to provide bank
				services to a nonstockholding banking institution if comparable bank services
				are available to the nonstockholding institution from another person at a
				comparable cost, or if the providing of bank services to the nonstockholding
				institution would be beyond the reasonable capacity of the bank service
				corporation.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This chapter
				implements the New Jersey Residential Mortgage Lending Act,
				17:11C-51 et seq.
(b) This chapter shall apply to residential
				mortgage lenders, correspondent mortgage lenders, residential mortgage brokers,
				qualified individual licensees and mortgage loan originators licensed under the
				Act and those whose activities require they be licensed.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this chapter,
				  shall have the following meaning unless the context clearly indicates
				  otherwise.
"Accrual basis of accounting" means the accounting method by
				  which expenses are recorded when incurred, whether paid or unpaid, and income
				  is recorded when earned, whether received or not received.
"Act" means the "New Jersey Residential Mortgage Lenders
				  Act," 17:11C-51 et seq.
"Advertisement" means any announcement, statement, assertion,
				  or representation that is placed before the public in a newspaper, magazine, or
				  other publication or in the form of a notice, circular, pamphlet, letter or
				  poster or over any radio or television station, by means of the internet or by
				  other electronic means of distributing information, or in any other way.
"Alternate name" means an alternate name of a licensed person
				  other than an individual registered pursuant to
				  14A:2-2.1(2)  or
				  42:2B-4b.
"Application" means the document or documents or information,
				  including the payment of any fees, that a particular lender or broker requires
				  a borrower to submit for the purpose of having the lender or broker begin to
				  process the mortgage loan document or documents to determine whether to grant
				  or deny a loan.
"Application fee" shall have the meaning of that term in
				  3:1-16.2.
"Appraisal fee" shall have the meaning of that term in
				  N.J.A.C. 3:1-16.2.
"Borrower" means any person applying for a loan from a lender
				  licensed under the Act, whether or not the loan is granted, and any person who
				  has actually obtained such a loan.
"Branch office" means any location where, in the regular
				  course of business, applications for mortgage loans are distributed to or
				  received from consumers, loan records are maintained, underwriting decisions
				  are made, commitments or lock-in agreements are issued, or any fees or charges
				  relating to the loan are received from consumers.
1. A home or place of business of a consumer
				  shall not be considered a branch office.
2. A location shall not be considered a
				  branch office merely because any or all of the following activities are
				  conducted at the location:
i. Consumers
				  receive information concerning available loan products from a computer
				  terminal;
ii. Consumers are
				  prequalified for a loan, so long as no additional fee is charged for this
				  service; and
iii. Advertising
				  materials are distributed to consumers so long as the materials do not in any
				  way resemble an application for a loan.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.3 - Office requirement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall maintain a principal office. The maintenance of a principal office at
				which there will be no direct contact with New Jersey consumers shall not
				relieve the licensee of the obligation to maintain the confidentiality of any
				financial information in accordance with all applicable Federal and state laws
				and rules. A principal office where the licensee has direct contact with New
				Jersey consumers regarding residential mortgage loan origination or brokering
				shall be in a suitable location as determined by the Commissioner.
1. The Commissioner shall consider the
				following factors in determining whether a location in New Jersey at which
				there is direct contact with New Jersey consumers as referenced in (a) above is
				suitable:
i. The location shall have a space
				that may only be utilized for the purposes of the licensee's business and by
				the licensee and its employees, structured in such a way as to ensure the
				maintenance of a consumer's right to privacy with respect to conversations and
				documents involving personal and financial information;
ii. The location shall conform to all local
				ordinances and zoning requirements;
iii. The location shall be reasonably
				accessible to the public;
iv. Any
				signage proposed for the location shall clearly identify the
				licensee;
v. The location shall be
				reasonably free of noise and other distractions so as to permit customers to
				give appropriate consideration to the loan transaction; and
vi. In addition, a location in a residence
				shall not be considered suitable unless the office is separate from the
				residential area and conveniently accessible to all consumers through a
				separate business entrance.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.4 - License name

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				licensee may use alternate or trade names, and may change such name or names,
				in connection with business under the Act, following approval by the
				Commissioner and subject to the provisions of
				3:1-7.1,
				3:15-1.5 and 1.6, and
				17:11C-75.
(b) The true name and all alternate or trade
				names shall appear on the license issued by the Department.
(c) A licensee may use its true name, any or
				all of its alternate or trade names, or any combination of them, in its
				advertising.
(d) In residential
				mortgage closing documents, a licensee shall use its true name plus the
				alternate or trade name that it used in its contacts with the consumer involved
				in the transaction.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.5 - License names permitted

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The number of
				alternate or trade names that may be used by a licensee in this State shall not
				exceed three, unless:
1. The licensee provides
				evidence to the Commissioner that prohibiting it from using a fourth or
				subsequent alternate or trade name would produce a substantial and unreasonable
				hardship on the licensee beyond the mere ability to market under the new name,
				and the licensee can satisfy the Department that procedures have been
				established to assure that consumers will not be misled about the true identity
				of the licensee. The Commissioner shall not grant an exception to the
				limitation of three alternate or trade names under this paragraph except in
				extraordinary circumstances; or
2.
				The licensee has, prior to November 4, 2002, been approved to use four or more
				alternate or trade names, in which case, the licensee may continue to use those
				names, but shall not be approved to use an additional alternate or trade name
				until the total number of alternate or trade names being used by that licensee
				is two or fewer, unless a larger number is permitted pursuant to (a)1
				above.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.6 - Grounds for denying use of alternate or trade names

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may deny an application to use an alternate or trade name if:
1. The name is lewd, offensive or otherwise
				inappropriate for the conduct of the licensed activity; or
2. The name would create a substantial risk
				of misleading or confusing consumers.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.7 - Display and availability of license

Current through Register Vol. 56, No. 14, July 15, 2024
Each business licensee shall post its license conspicuously
				  at its principal office location. Each business licensee shall make the
				  licenses of its qualified individual licensee(s) and mortgage loan originators
				  available for inspection at the licensed office from which they operate. Each
				  branch office license shall be displayed at the branch office designated
				  thereon.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 1 - GENERAL PROVISIONS › Section 3:15-1.8 - Authority of the Commissioner to oversee implementation of the Act

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner shall coordinate the processing of an applicant through the NMLSR
				with the State licensing of the applicant on any matters deemed necessary for
				participation in the nationwide system and registry, including, but not limited
				to, electronic filings, information sharing and other activities that
				facilitate the operation of the nationwide system and registry.
(b) The Commissioner may investigate or
				examine any mortgage lender, mortgage broker, mortgage loan originator,
				qualified individual licensee or other person as necessary to determine
				eligibility for licensure and compliance with the Act and orders, rules and
				regulations issued thereunder and take such action as he or she deems
				appropriate based upon the results of any such investigation or examination
				consistent with the provisions of the Act and this chapter.
(c) The Commissioner may require any mortgage
				lender, mortgage broker, mortgage loan originator, qualified individual
				licensee or other person as necessary to make or compile reports or prepare
				other information as directed by the Commissioner for the purposes of
				implementing the RMLA.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.1 - Who must be licensed; exemptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following
				provisions apply to mortgage lender and mortgage broker business licensees and
				to persons engaged in activity for which licensure as such is required:
1. Except as set forth in (e) below, no
				business entity shall act as a mortgage lender or mortgage broker without first
				obtaining a license;
2. A mortgage
				lender may act as a broker if proper disclosure is made; and
3. No person shall be licensed as a mortgage
				lender or mortgage broker unless one officer, director, partner, owner or
				principal is a qualified individual licensee of that same type.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.2 - Application for a business license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person
				applying for a business license pursuant to the Act shall submit the following:
1. A completed application as prescribed by
				the Commissioner or the NMLSR which shall include the following:
i. The true name of the applicant conforming
				to 17:11C-75 and no more than three
				trade names or alternate names conforming to
				3:15-1.4 and 1.5 to be
				utilized;
ii. The location of the
				principal office;
iii. Information
				regarding partners, members and managers of a limited liability company,
				corporate officers, directors, and stockholders owning 10 percent or more of
				the shares of a corporation as required by the NMLSR and the RMLA;
iv. The name and address of the applicant's
				registered agent in this State;
v.
				Information regarding incorporation, registration, and authorization to do
				business in this State; and
vi. The
				applicant's Federal Tax Identification Number or Social Security Number, as
				applicable;
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.3 - Application for licensure as a qualified individual licensee or mortgage loan originator

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An individual
				applying for a qualified individual license pursuant to the Act shall comply
				with the following conditions and provide the following submissions, as
				applicable:
1. A criminal history record
				background check in connection with an application, based upon information
				provided to and received from the Division of State Police, and provided to and
				received from or through the NMLSR, which does not contain any disqualifying
				information. 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, for which the
				Division shall promptly notify the Commissioner if the subject of the original
				criminal history record background check is arrested for a crime or offense in
				this State after the date the background check was performed, and a check of
				both criminal and non-criminal information as requested from and distributed to
				the Federal Bureau of Investigation and any other governmental agency through
				the NMLSR as follows:
i. 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 whether the individual has been convicted
				of, or plead guilty or nolo contendere to, a felony in a domestic court, which
				in this State includes any crime of the fourth degree or higher punishable by a
				term of imprisonment of more than one year, or in a foreign or military court:
(1) During the seven-year period preceding
				the filing of the application, except that a conviction under this
				sub-subparagraph which is pardoned shall not be considered disqualifying
				information; or
(2) At any time
				preceding the filing of the application, if the felony involved an act of
				fraud, dishonesty, a breach of trust, or money laundering, except that a
				conviction under this sub-subparagraph which is pardoned shall not be
				considered disqualifying information; and
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.4 - Branch offices; branch licensing requirement; initial branch licensing application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applicants for
				branch office licenses shall certify on a form prescribed by the Commissioner
				that the location of the branch office is in compliance with the requirements
				of this section. A branch office location at which activity as a mortgage
				lender or broker is conducted but at which there is no direct contact with New
				Jersey consumers shall be licensed and shall comply with the requirement
				regarding the maintenance of the confidentiality of financial information set
				forth in 3:15-1.3(a)  and
				this section, with the exception of the standards prescribed in (d) below
				regarding the suitability of office locations at which a licensee has direct
				contact with New Jersey consumers. Prior to conducting activities as a mortgage
				lender or mortgage broker from a branch office in this State or from a branch
				office outside this State that include direct contact with New Jersey consumers
				regarding origination or brokering, the licensee shall obtain a license for the
				branch office from the Department.
(b) The application for a branch office
				license shall include the following:
1. The
				true name of the licensed entity and no more than three trade names or
				alternate names conforming to
				3:15-1.4 and 1.5;
2. The address of the principal office;
				and
3. The address of the branch to
				be licensed.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.5 - Application for renewal of a business license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person who
				holds in good standing a license as a mortgage lender or mortgage broker who
				seeks to renew a license pursuant to this section shall submit the following in
				connection with the renewal application:
1. A
				completed renewal application as prescribed by the Commissioner or the NMLSR
				which shall include the following:
i. The
				name of the applicant;
ii. The
				location of the principal place of business of the applicant;
iii. A certification or other submissions as
				required by the NMLSR that the applicant has bond coverage as specified in
				3:15-3.1, and tangible net worth as
				specified by
				3:15-5.3.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 2 - LICENSING › Section 3:15-2.6 - Branch offices; renewal of branch licenses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A business
				licensee in good standing shall submit in connection with the branch renewal a
				completed renewal application as prescribed by the Commissioner or the NMLSR
				which shall include the following for each branch to be renewed:
1. The true name of the licensed entity and
				all trade names or alternate names conforming to
				3:15-1.4 or 1.5 to be
				utilized;
2. The address of the
				principal New Jersey place of business; and
3. The address of each branch whose license
				is being renewed.