reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 7 - INSURANCE › Section 3:15-7.2 - Insurance provisions applicable to mortgage lenders on secondary mortgage loans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When a
				secondary mortgage loan is repaid in full or renewed, or if the insurance is
				terminated prior to the scheduled maturity date of a secondary mortgage loan,
				the mortgage lender shall refund to the borrower any unearned insurance
				premiums.
(b) If a borrower has
				repaid a secondary mortgage loan in full, or if a beneficiary named in a policy
				under a claim is due a refund of unearned premiums and the mortgage lender is
				unable to locate the borrower or beneficiary after due diligence, but in no
				event longer than 180 days, the licensee shall return all unearned premiums to
				the insurer, stating the reason therefor. The lender shall file evidence in the
				borrower's file of his or her efforts to locate the borrower.
(c) All refunds and credits made by mortgage
				lenders pursuant to this section shall be computed by the "Sum of Digits
				Method" commonly known as the "Rule of 78ths." These are rules for computing
				refunds of unearned finance charges on early payment of a loan so that the
				refund is proportional to the monthly unpaid balance. Tables for calculating
				refunds and credits according to this methodology can be obtained from
				Financial Publishing Company, 82 Brookline Drive, Brookline, MA 02212, (617)
				262-4040,
http://www.financial-publishing.com
.
				When the refund or credit of the unearned insurance premium is less than $
				1.00, no refund is required.
(d) If
				a borrower has credit life insurance, interest charges shall cease accruing on
				the account at the death of the insured.
(e) If a secondary mortgage loan contract
				contains credit life insurance, the mortgage lender, shall file a death claim
				with the insurer upon receipt of notice of the death of the insured. The death
				claim filed by a mortgage lender with an insurer shall be made for the full
				amount of the coverage held at death by the insured.
(f) A policy for credit life insurance,
				credit health or disability insurance, or credit involuntary unemployment
				insurance may provide for the insurance of more than one person. If the policy
				is silent regarding whether the insurance covers more than one person, the
				person whose signature appears on the first line of the lines provided for the
				signatures on the loan contract shall be considered as the only borrower
				insured by the policy and the mortgage lender shall disclose to the borrower in
				writing the effect of the order of signing the loan contract.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 8 - ADVERTISING › Section 3:15-8.1 - Advertising and insurance costs

Current through Register Vol. 56, No. 14, July 15, 2024
If a mortgage lender requires a borrower to insure the
				  collateral assigned as security for a loan, the licensee shall not advertise
				  that there are "no other costs," or use words of similar meaning, unless the
				  terms represented in the advertisement include the cost of the insurance or
				  unless the advertisement states that an additional charge for insurance is
				  required.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 8 - ADVERTISING › Section 3:15-8.2 - Information required to be included in all advertisements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All
				solicitations and advertisements by licensees, whether in print, broadcast or
				electronically transmitted, shall include, in a conspicuous manner, the unique
				identifier assigned to the licensee by the NMLSR. Business cards shall be
				considered advertisements.
(b) Each
				verbal advertisement for a loan, which a licensee makes or authorizes to be
				broadcast or disseminated by radio, television, Internet or other electronic
				means, shall include a statement indicating whether the advertisement is for a
				first mortgage or second mortgage loan. The statement may be made by either
				verbal or visual means, provided that, if visual means are used, the statement
				shall appear for the entire time the advertisement is broadcast or
				disseminated.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 8 - ADVERTISING › Section 3:15-8.3 - Prohibited types of advertising; exceptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No
				advertisement shall contain false, misleading or deceptive claims or
				misrepresentations. In all advertisements which make express or implied claims
				that are likely to be misleading in the absence of certain qualifying
				information such qualifying information, shall be disclosed in the
				advertisement in a clear and conspicuous manner. The use of any of the
				following types of advertising shall be deemed to be misleading or deceptive:
1. A form which has the appearance of a
				check, money order, draft or other instrument that is normally used for the
				transfer of funds;
2. Reference to
				loans by terms such as savings, thrift, share passbook, account, deposit,
				certificate or any other word or phrase of similar meaning, used individually
				or collectively; or
3. The placing
				by a business licensee of a supply of blank notes, chattel mortgages, security
				agreements, applications or other similar forms in any place other than a
				licensed office.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 9 - PERMISSIBLE FEES › Section 3:15-9.1 - Fees permitted to be charged by mortgage lenders, correspondent mortgage lenders, and mortgage brokers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Mortgage
				lenders, correspondent mortgage lenders and mortgage brokers may charge the
				following fees:
1. The fees specified in
				17:11C-74 and in
				3:1-16.2 and 16.10, as applicable.
				Correspondent mortgage lenders may charge any fee that may be charged by
				mortgage lenders; and
2. Pursuant
				to 17:11C-82 and
				46:18-11.2, the fee charged by the
				county recording officer to cancel the mortgage, plus an additional service fee
				not to exceed $ 25.00, providing that the borrower has received prior notice of
				the fees required by the mortgage lender or correspondent mortgage lender, and
				providing further that if the mortgage lender or correspondent mortgage lender
				collects the service fee at the time of the mortgage transaction and transfers
				the servicing rights prior to cancellation, the mortgage lender shall refund
				the service fee to the borrower.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 9 - PERMISSIBLE FEES › Section 3:15-9.2 - Fees permitted to be charged for secondary mortgage loans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A mortgage
				lender may charge a borrower, incident to a secondary mortgage loan, only the
				following:
1. The fees specified in
				17:11C-80; and
2. Pursuant to
				17:11C-82 and
				46:18-11.2, the fee charged by the
				county recording officer to cancel the mortgage, plus an additional service fee
				not to exceed $ 25.00, providing that the borrower has received prior notice of
				the fees required by the lender, and providing further that if the lender
				collects the service fee at the time of the mortgage transaction and transfers
				the servicing rights prior to cancellation, the lender shall refund the service
				fee to the borrower.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 10 - CHARACTERISTICS OF LOANS › Section 3:15-10.1 - Provisions applicable to all licensees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No licensee
				shall charge an interest rate that is in excess of the rate permitted by
				2C:21-19.
(b) A borrower may repay a mortgage loan at
				any time without penalty.
(c) A
				licensee may only compute interest accrued between monthly payments using the
				365/365 method (actual number of days between payments) or the 360/360 method
				(each month assumed to be 30 days).
(d) A borrower shall be given a copy of every
				document he or she is required to sign.
(e) Where any disclosure is required pursuant
				to this chapter that is also required by any Federal law or regulation,
				compliance with such Federal law or regulation shall be deemed to be compliance
				with this subchapter.
(f) No
				licensee shall require, as a precondition for the granting of credit, or for
				any other benefit or consideration from the licensee in connection with a loan,
				that the borrower engage in any other business activity with the licensee.
				Nothing in this subsection shall prohibit a licensee from offering to a
				borrower other services or products in connection with a loan.
(g) A licensee shall not require, nor
				receive, from a borrower a rebate of any portion of the proceeds of a loan that
				is not a permissible fee.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 10 - CHARACTERISTICS OF LOANS › Section 3:15-10.2 - Secondary mortgage loans

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A mortgage
				lender shall not require or accept from a borrower any collateral or security
				for a secondary mortgage loan other than a mortgage, indenture or any other
				similar instrument or document that creates a lien upon any real property or an
				interest in real property including, but not limited to, shares of stock in a
				cooperative corporation.
(b) For
				purposes of (a) above, the co-signature of a person, other than a spouse or
				other person having an interest in the real property used as security for the
				loan, shall constitute prohibited collateral or security unless the co-signer
				is a joint borrower.
(c) A person
				not having an interest in the real property used as security for the loan shall
				be considered a joint borrower if:
1. The
				borrowers sign an affidavit affirming their agreement to be jointly liable and
				to share in the proceeds of the secondary mortgage loan; and
2. The mortgage lender issues the proceeds
				check or checks in all borrowers' names. If borrowers may access a line of
				credit by writing checks or otherwise, this requirement will be satisfied if
				all borrowers have the authority to draw against the account.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 10 - CHARACTERISTICS OF LOANS › Section 3:15-10.3 - First mortgage loans

Current through Register Vol. 56, No. 14, July 15, 2024
A mortgage lender shall not require or accept from a
				  borrower as collateral or security for a first mortgage loan household or
				  personal goods, such as furniture, electronic equipment, motor vehicles,
				  appliances, and jewelry.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 10 - CHARACTERISTICS OF LOANS › Section 3:15-10.4 - Reserved

Current through Register Vol. 56, No. 14, July 15, 2024
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 12 - IMPOSITION OF ADMINISTRATIVE PENALTIES › Section 3:15-12.1 - Initiation of action

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before an
				administrative penalty is imposed, the Department shall direct a notice by
				certified mail and regular mail, or by personal delivery, to the last known
				business or mailing address of the alleged violator. The notice shall include.
1. A reference to the statute, rule and/or
				administrative order alleged to be violated;
2. A concise statement of the facts on which
				the violation is based;
3. A
				statement of the administrative penalty, penalties or other relief sought to be
				imposed; and
4. A statement
				advising the alleged violator of the right to a hearing and the procedure for
				requesting a hearing.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 12 - IMPOSITION OF ADMINISTRATIVE PENALTIES › Section 3:15-12.2 - Failure to respond to notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The alleged
				violator's failure to respond, as required by the notice, within the time
				provided in the notice, shall be deemed to be an admission of all of the
				allegations, charges and conclusions contained in the notice, and no further
				proceeding shall be required prior to the execution of a final order that
				imposes the administrative penalty, penalties or other relief described in the
				notice.
(b) If no response is
				received within the time provided in any notice to suspend or revoke a license
				or authority to conduct any activity regulated by
				17:1-1 et seq., the Department
				shall prepare a final order suspending or revoking the license or authority to
				conduct such activity, and mail a copy of the order to the violator at his or
				her last known business address on file with the Department.
(c) If the notice issued pursuant to this
				section provided for the payment of any fine, restitution or reimbursement to
				the Department for investigative or examination cost, and payment or proof of
				payment has not been received, the Department may proceed without further
				notice to suspend or revoke the license or authority of the violator as
				provided in
				17:11C-53.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 12 - IMPOSITION OF ADMINISTRATIVE PENALTIES › Section 3:15-12.3 - Consent to an administrative penalty

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order for
				matters set forth in a notice to be deemed concluded by means of a consent by
				the alleged violator to the imposition of the administrative penalty or other
				relief described in the notice, the Department may require any or all of the
				following:
1. That the licensee return his or
				her license to the Department for cancellation;
2. The payment of a monetary
				penalty;
3. The reimbursement to
				the Department of the costs of investigation and examination;
4. The restitution of moneys owed any person;
				and
5. The execution of an
				administrative order that may include admissions of material facts, conclusions
				of law, and such other terms and conditions as the Commissioner, or his or her
				authorized designee may deem to be necessary and appropriate under the
				circumstances.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS › Subchapter 12 - IMPOSITION OF ADMINISTRATIVE PENALTIES › Section 3:15-12.4 - Request for a hearing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An alleged
				violator shall have 20 calendar days from service of the notice of intent to
				impose an administrative penalty within which to deliver a written request for
				a hearing to: Chief of Investigations, Enforcement Bureau, New Jersey
				Department of Banking and Insurance, PO Box 040, Trenton, New Jersey
				08625-0040.
(b) A request for a
				hearing shall include:
1. The name, address
				and daytime telephone number of the alleged violator;
2. A copy of the notice;
3. A statement requesting a
				hearing;
4. A specific admission,
				denial or explanation of each fact alleged in the notice, or a statement that
				the person is without knowledge thereof; and
5. A concise statement of the facts or
				principles of law asserted to constitute any factual or legal
				defense.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.1 - 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 meanings, unless the context clearly indicates
				  otherwise.
"Act" means the Pawnbroker Act,
				  45:22-1 et seq.
"Commercially reasonable manner" means that display and sale
				  of goods shall be made in keeping with prevailing trade practices among
				  reputable and responsible business and commercial enterprises engaged in the
				  same or similar businesses.
"Commissioner" means the Commissioner of the New Jersey
				  Department of Banking and Insurance.
"Department" means the New Jersey Department of Banking and
				  Insurance.
"Licensee" means a licensee under the Act.
"Substantial stockholder" means any person who beneficially
				  owns or controls more than 10 percent of the outstanding voting shares of an
				  applicant or a licensee.
"Unredeemed pledge" means an item of personal property on
				  which the licensee has loaned a sum of money to a pledgor for a specified time
				  period, and which, after proper notice, the pledgor has failed to
				  redeem.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.2 - Licensing

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall
				engage in the business of a pawnbroker in this State without first obtaining a
				license.
(b) A person is engaged in
				the business of a pawnbroker if such person:
1. Advertises, causes to be advertised,
				solicits, negotiates, offers to make or makes a loan on deposit or pledge of
				personal property;
2. Does business
				as a furniture storage warehouseman and lends money on goods, wares or
				merchandise pledged or deposited as collateral security; or
3. Purchases property on condition of selling
				it back at a stipulated price.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.3 - Posting requirements

Current through Register Vol. 56, No. 14, July 15, 2024
The licensee shall post and at all times display in a
				  conspicuous place on the premises the license and the schedule of fees to be
				  charged. The fee schedule shall be printed in bold type, in both English and
				  Spanish, except where the Department deems it necessary that a different or
				  additional language be used.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.4 - Surety bond

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An applicant
				shall file with the Commissioner a surety bond in the amount of $ 1,000 for
				each place of business in this State. The surety bond shall be obtained from an
				insurance company authorized to do business in New Jersey.
(b) The bond shall run to the State, pro
				rata, for the benefit of the Department and for the benefit of all consumers
				injured by the wrongful act, omission, default, fraud or misrepresentation of
				the pawnbroker in the course of activity as a licensee. The bond shall not be
				payable for claims made by business creditors.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.5 - Insurance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall maintain adequate fire and liability insurance to cover any pledge in the
				event of loss by fire, theft, burglary or otherwise, or his liability to the
				pledgor resulting from the licensee's failure to exercise reasonable care. The
				burden of proof to establish reasonable care shall be on the
				pawnbroker.
(b) A licensee shall
				include a statement, printed on every pledge ticket, which informs the pledgor
				that the licensee's insurance may not cover the replacement value of the
				pledged article.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 1 - GENERAL PROVISIONS › Section 3:16-1.6 - Change of location; change of name

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee shall notify the Commissioner in writing of a
				  change in name or the location of any licensed place of business, at least 10
				  days prior to the move or name change.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.1 - Recordkeeping; reporting

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to
				the records required to be maintained by the Act, a licensee shall maintain a
				cash book and general ledger. The cash book shall be a record of each amount
				paid out and the purpose for which it was paid, and each amount received and on
				what account it was received. The cash book shall be balanced daily.
(b) A licensee shall file an annual report
				with the Commissioner on or before March 1 of every year on a form supplied by
				the Commissioner. The annual report shall supply the following:
1. The number and amount of loans made during
				the preceding year;
2. The range of
				interest rates charged;
3. The
				number of pledges redeemed;
4. The
				number of pledges unredeemed;
5.
				The date(s) of sales of unredeemed pledges;
6. The number of pledges sold at each public
				auction;
7. The number of pledges
				sold at each private sale;
8. The
				number of purchases made during the preceding year at public auction;
9. The number of purchases made during the
				preceding year on condition of resale at a stipulated price;
10. Balance sheets and income statements for
				the year addressed in the report; and
11. A notarized certification by the licensee
				that he or she is in compliance with
				45:22-34, which requires a daily
				reporting to the police.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.2 - Display of merchandise; inspection; prohibition

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall make available for inspection by the Department all pledged and purchased
				items, including those items which the licensee has acquired as the result of a
				sale of unredeemed pledges. A licensee shall allow inspection by all law
				enforcement authorities of all pledged and purchased items upon reasonable
				suspicion that one of the items listed in the report filed under
				45:22-34 is stolen or other
				evidence of a crime. If the licensee fails to file a report as required by
				45:22-34, law enforcement
				authorities may inspect all pledged and purchased items, including those items
				which the licensee has acquired as the result of unredeemed pledges.
(b) A licensee shall conduct his business in
				a commercially reasonable manner.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.3 - Advertising

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No licensee
				shall make, publish disseminate, circulate or place before the public, or cause
				directly or indirectly to be made, published, disseminated, circulated, or
				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, computer modem, or in any other way, an advertisement,
				announcement or statement containing any assertion, representation or statement
				which is inaccurate, untrue, deceptive or misleading.
(b) A licensee is prohibited from using on
				his stationery, records, forms literature or advertising the words "bank" or
				"banking," or any other words which might imply that the licensee is a bank or
				is engaged in the banking business.
(c) An advertisement for public auction of
				unredeemed pledges shall be placed in three consecutive issues of a daily or
				weekly newspaper of general circulation in the city or county where the
				pawnbroker's business is conducted. In addition, the licensee may place
				advertisements in such other publications as he or she deems appropriate. Each
				advertisement shall include notice of the time and site of the public auction.
				Copies of all advertisements shall be retained for examination by the
				Department.
(d) The licensee shall
				conspicuously post a list of items available for sale on the licensee's
				principal business premises at least three days prior to the date of public
				auction, and the licensee shall make the list available to members of the
				public upon request.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.4 - Public auction or private sale; notice

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall obtain the name and address of each person who makes a purchase as a
				result of a public auction or private sale. The purchasers' names and addresses
				shall be retained for examination by the Department and the police.
(b) A licensee shall prepare and maintain a
				list containing a description of each item which the licensee acquires as a
				result of a public auction or private sale of unredeemed pledges.
(c) A licensee shall allow public inspection
				of all unredeemed pledges at the site of the public auction for not less than
				one hour prior to the commencement of the auction.
(d) A licensee shall mail a notice of public
				auction or private sale to each pledgor of record of items to be sold at least
				20 days prior to the auction or sale.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.5 - Service charges

Current through Register Vol. 56, No. 14, July 15, 2024
On loans secured by the pledge of articles, a licensee may
				  levy a service charge equal to eight percent of the amount of the loan, but
				  such service charge shall not exceed $ 4.00. The service charge shall not be
				  levied on the renewal of a pledge more than once during any 12-month period
				  following the date of the initial pledge. A licensee shall levy a service
				  charge only with the knowledge and consent of the pledgor.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.6 - Lost, stolen or destroyed pledge tickets; fees

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee may charge a fee for services provided in
				  connection with a lost, stolen or destroyed pledge ticket, not to exceed $
				  5.00.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 2 - CONDUCT OF BUSINESS; RECORDKEEPING; EXAMINATIONS › Section 3:16-2.7 - Examinations of licensees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may at any time investigate the business of all
				licensees.
(b) The Commissioner, or
				his or her designee, shall have free access, during the licensee's usual
				business hours, to the licensee's place of business, and to the books, papers,
				records, safes and vaults pertaining to, or used in the course of the business
				of the licensee, wherever located, and shall also have the authority to
				examine, under oath, any person whose testimony he or she may require relative
				to the business of the licensee.
(c) The examination conducted by the
				Department shall be "exception-based." All apparent failures to comply with
				statutes or rules shall be noted. The examination shall include reviews of the
				licensee's books, records, bonding and insurance policies, and shall cover all
				matters referenced in the "Report of Examination" form on file with the
				Department.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 3 - LAWSUITS; CLAIMS; REPORTING › Section 3:16-3.1 - Reports of legal actions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee
				shall provide the Commissioner with a copy of every legal process bringing a
				lawsuit, claim or suit upon a surety bond, which involves the licensee's
				pawnbroker business, not later than 10 days from the time of service upon the
				licensee.
(b) A licensee shall
				report to the Commissioner in writing within three days the disposition of a
				lawsuit, claim or suit upon a bond, whether by settlement, judgment or court
				order, involving the licensee's pawnbroker business. The licensee shall provide
				the Commissioner with a copy of the settlement agreement, judgment or court
				order.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 16 - PAWNBROKING LAW REGULATIONS › Subchapter 4 - REVOCATION OR SUSPENSION OF LICENSE › Section 3:16-4.1 - Revocation; causes

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The
				Commissioner may revoke or suspend a license if, after notice and hearing
				pursuant to 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:
1. Has violated any provision of
				45:22-1 et seq., or any order,
				rule or regulation made or issued pursuant thereto, or has violated any other
				law in connection with the operation of the pawnbroker business;
2. Has failed to pay any fee imposed by the
				Commissioner;
3. Has withheld
				information from the police or from the Department, or has made a material
				misstatement in the application for the license, or 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 in a civil
				action upon grounds of fraud, misrepresentation or deceit;
5. Has become insolvent or has acted in a way
				that indicates the licensee's business is not being operated in a financially
				responsible manner;
6. Has
				demonstrated unworthiness, incompetence, bad faith or dishonesty in transacting
				business or otherwise; or
7. Has
				engaged in any other conduct which would be deemed by the Commissioner to be
				grounds to deny, revoke or suspend a license.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) This chapter
				implements the New Jersey Consumer Finance Licensing Act,
				17:11C-1 et seq., and the Retail
				Installment Sales Act of 1960,
				17:16C-1 et seq.
(b) This chapter shall apply to all consumer
				lender and/or sales finance companies whose activities require that they be
				licensed.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.2 - 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 meanings 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 Consumer Finance Licensing Act,
				  17:11C-1 et seq. and, as
				  applicable, the Retail Installment Sales Act of 1960,
				  17:16C-1 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 business card, 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 registered pursuant
				  to 14A:2-2.1(2)  or
				  42:2B-4b.
"Billing cycle" means the time interval between periodic
				  billing dates. A billing cycle shall be considered monthly if the closing date
				  of the cycle is the same date each month or does not vary by more than four
				  days from such date.
"Borrower" means any individual applying for a consumer loan
				  from a lender licensed under the Act, whether or not the loan is granted, and
				  any individual who has actually obtained such a loan.
"Branch office" means any location where, in the regular
				  course of business, applications for consumer loans or sales finance contracts
				  are distributed to or received from consumers, loan records are maintained,
				  underwriting decisions are made, 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 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.3 - Suitable location for office

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 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. 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 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.4 - License name

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A 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
				3:17-1.5 and 1.6.
(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 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 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.5 - 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 four or more
				alternate or trade name would produce a substantial and unreasonable hardship
				on the licensee beyond the mere inability 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 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.6 - 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 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 1 - GENERAL PROVISIONS › Section 3:17-1.7 - Display of license

Current through Register Vol. 56, No. 14, July 15, 2024
The consumer lender or sales finance company license shall
				  state the name of the licensee and the licensee's place of business or
				  businesses, as applicable. No licensee shall transact business regulated by the
				  Act under any name other than that reflected in the license. The license shall
				  be posted conspicuously in the place or places of business of the licensee. A
				  licensee or any other person shall not photocopy of otherwise reproduce the
				  license except for legitimate business purposes.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 2 - LICENSING › Section 3:17-2.1 - Requirement to be licensed

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Unless exempt
				under 17:11C-6, no person shall engage
				in business as a consumer lender or sales finance company without first
				obtaining a license pursuant to the Act.
(b) The Department shall issue a license
				which shall specify whether the licensee may act as a consumer lender or a
				sales finance company. A licensee may not engage in a licensed activity under
				the New Jersey Consumer Finance Licensing Act,
				17:11C-1 et seq., or the Retail
				Installment Sales Act of 1960,
				17:16C-1 et seq., unless the
				license issued by the Department specifies that the licensee may engage in that
				licensed activity.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 2 - LICENSING › Section 3:17-2.2 - Application for a license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person
				applying for a license pursuant to the Act who does not already hold a license
				pursuant to the New Jersey Consumer Finance Licensing Act,
				17:11C-1 et seq., or the Retail
				Installment Sales Act of 1960,
				17:16C-11 et seq., or a business
				license pursuant to the New Jersey Residential Mortgage Lending Act,
				17:11C-51 et seq., shall submit
				the following:
1. A completed form as
				prescribed by the Commissioner which shall include the following:
i. The true name of the applicant and no more
				than three trade names or alternate names conforming to
				3:17-1.4 and 1.5 to be
				utilized;
ii. The location of the
				principal office;
iii. Information
				regarding officers and stockholders;
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, if applicable, to use the trade name(s) or
				alternate name(s) included in the application; and
vi. The applicant's Federal Tax
				Identification Number or Social Security Number, as applicable;
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 2 - LICENSING › Section 3:17-2.3 - 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 consumer
				lender or sales finance company 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
				3:17-1.3(a)1  for
				in-State offices or
				3:17-1.3(a)2  for
				out-of-State offices and this section, with the exception of the standards
				prescribed in (e)2 through 5 below regarding the suitability of office
				locations at which a licensee at an instate location has face to face contact
				with New Jersey consumers. Prior to conducting activities as a consumer lender
				or sales finance company that include direct contact with New Jersey consumers
				regarding origination from a branch office in this State or from a branch
				office outside this State, 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
				3:17-1.4 and 1.5;
2. The address of the principal
				office;
3. The address of the
				branch to be licensed; and
4. The
				application fee prescribed by
				3:17-3.2 which shall be
				non-refundable.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 2 - LICENSING › Section 3:17-2.4 - Application for renewal of a license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person who
				holds in good standing a license as a consumer lender or sales finance company
				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 form as
				prescribed by the Commissioner which shall include the following:
i. The name of the applicant;
ii. The location of the principal place of
				business of the applicant; and
iii.
				A certification that the applicant has net worth and liquid assets as specified
				in 17:11C-16, in the case of a
				consumer lender.
New Jersey Administrative Code › Title 3 - BANKING › Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES › Subchapter 2 - LICENSING › Section 3:17-2.5 - Branch offices; renewal of branch licenses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee in
				good standing who holds a license for a branch or branches for the conduct of
				the business of a consumer lender or sales finance company who wishes to renew
				a branch license pursuant to this section shall submit the following in
				connection with the renewal application:
1. A
				completed renewal application form as prescribed by the Commissioner which
				shall include the following information for each branch to be renewed:
i. The true name of the licensed entity and
				all trade names or alternate names conforming to
				3:17-1.4 or 1.5 to be
				utilized;
ii. The address of the
				principal New Jersey place of business; and
iii. The address of each branch whose license
				is being renewed.