New Jersey Administrative Code › Title 3 - BANKING › Chapter 24 - CHECK CASHING › Subchapter 1 - GENERAL PROVISIONS › Section 3:24-1.3 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
Words and terms, when used in this chapter, shall have the
				  meanings as defined below, unless the context clearly indicates
				  otherwise.
"Act" means
				  17:15A-30 et seq., "The Check
				  Cashers Regulatory Act of 1993."
"Appropriate documentation" means a corporate resolution
				  filed with the Secretary of State, Federal taxpayer identification number,
				  filed New Jersey Certificate of Authority, filed trade-name certificate or
				  other readily verifiable official document.
"Cash" (cashing a check) includes both the exchange of money
				  for the presentment of a check, and the acceptance of a replacement check for
				  one which has been returned for insufficient funds.
"Commissioner" means the Commissioner of Banking and
				  Insurance.
"Consideration" means, but is not limited to, a requirement
				  by the check casher that a person make a purchase or otherwise patronize a
				  business operated by the check casher in order to cash a check at the check
				  cashing establishment, or a returned check charge imposed by a bank.
"Department" means the Department of Banking and
				  Insurance.
"Disabled person" means, for the purpose of these rules, a
				  person whose disability either temporarily or permanently prevents him from
				  going into a check cashing establishment for the purpose of cashing a
				  check.
"Essential records" includes all records listed in
				  17:15A-44(l) and
				  (m);
				  3:24-5.3(a); and
				  all corporate resolutions.
"Insolvent" means that the check cashing licensee cannot or
				  does not pay his or her debts as they become due in the normal course of
				  business, or his or her financial statement indicates that the licensee has a
				  negative net worth.
"Payday loan" means an agreement to defer the presentment of
				  a negotiable item, or defer the deposit of an item for collection, or defer
				  debiting the borrower's account electronically or by any other means, in return
				  for a consideration or other thing of value where the rate, fee or other
				  consideration charged for such forbearance exceeds the "maximum rate permitted
				  by law" as that phrase is used in
				  2C:21-19. "Payday loan" shall
				  include, but not be limited to, such loans made.
1. In person
2. Through an agent
3. By electronic means (including telephone,
				  fax, computer, internet or similar means); or
4. Through response to an advertisement or
				  solicitation made in this State.
"Person" includes corporations, companies, associations,
				  societies, firms, partnerships and joint stock companies as well as
				  individuals, unless the context clearly indicates otherwise.
"Refund anticipation loan" means an agreement to lend a
				  borrower funds, or to extend any other consideration to a borrower, in return
				  for a promise by the borrower to repay the loan or other consideration that
				  includes an assignment of the borrower's Federal and/or state tax refund, where
				  the rate, fee or other consideration charged for such forbearance exceeds the
				  "maximum rate permitted by law" as that phrase is used in
				  2C:21-19. "Refund anticipation
				  loan" includes, but is not limited to, such loans made:
1. In person
2. Through an agent
3. By electronic means (including telephone,
				  fax, computer, internet or similar means); or
4. Through response to an advertisement or
				  solicitation made in this State.
"Title loan" means an agreement to lend a borrower funds,
				  secured by a title to a motor vehicle, which loan is in return for a
				  consideration or other thing of value where the rate, fee or other
				  consideration for such forbearance exceeds the "maximum rate permitted by law"
				  as that phrase is used in
				  2C:21-19. "Title loan" shall
				  include, but not be limited to, such loans made:
1. In person;
2. Through an agent;
3. By electronic means (including telephone,
				  fax, computer, internet or similar means); or
4. Through response to an advertisement or
				  solicitation made in this State.