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New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 11C-64

Current as of February 19, 2021 | Updated by FindLaw Staff

a. (1) Each applicant for a business license as a residential mortgage lender shall demonstrate that it has tangible net worth of at least $250,000, except that an applicant for a business license as a correspondent mortgage lender shall demonstrate that it has a tangible net worth of at least $150,000.  Each applicant for a business license as a residential mortgage broker shall demonstrate that it has tangible net worth of at least $50,000.

(2) Each licensed residential mortgage lender that is a business licensee shall maintain at all times tangible net worth of at least $250,000, except that a correspondent mortgage lender that is a business licensee shall maintain at all times tangible net worth of at least $150,000.  Each licensed residential mortgage broker that is a business licensee shall maintain at all times tangible net worth of at least $50,000.

(3) The commissioner may by regulation:

(a) define the term “tangible net worth”;

(b) establish standards for determining compliance with the tangible net worth requirements of this section;  and

(c) determine any remedial action, as authorized pursuant to section 20 of this act, including suspension of a license, for failure to comply with these tangible net worth requirements.

b. The commissioner may, by regulation, require that a business licensee demonstrate to the satisfaction of the commissioner that it has adequate means to fund loans through lines of credit, or otherwise.

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Cite this article: FindLaw.com - New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 11C-64 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-17-corporations-and-institutions-for-finance-and-insurance/nj-st-sect-17-11c-64/

Read this complete New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 11C-64 on Westlaw

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