New Jersey Administrative Code
Title 3 - BANKING
Chapter 1 - GENERAL PROVISIONS
Subchapter 7 - MISCELLANEOUS
Section 3:1-7.6 - Penalty for late filing of annual reports and/or late payment of assessments

Universal Citation: NJ Admin Code 3:1-7.6

Current through Register Vol. 56, No. 6, March 18, 2024

(a) Business licensees under the New Jersey Residential Mortgage Lending Act, 17:11C-51 et seq. (RMLA), licensees under the New Jersey Consumer Finance Licensing Act, 17:11C-1 to 43 (CFLA), motor vehicle installment sellers, home repair contractors, home financing agencies, check cashers, money transmitters, debt adjusters, foreign money transmitters, pawnbrokers, insurance premium finance companies, foreclosure consultants, or any other licensees who fail to file an annual report on a timely basis as specified below shall be subject to a penalty as specified in (c) below. With the exception of licensees under RMLA and CFLA, all licensees who file applications to renew their license after the license expiration date shall be subject to a penalty of $ 50.00. Business licensees under RMLA and licensees under CFLA who file renewal license applications after the expiration of their licenses shall be subject to 3:15-2.7 and 3:17-2.6, respectively, including any penalties specified therein. Individual licensees under RMLA who file renewal license applications after the expiration of their license shall be subject to 3:15-2.1 5.

1. Annual reports filed electronically will be deemed late if received after the date set in 3:23-4.1 of the year following the calendar year covered by the annual report.

2. Annual reports filed by hard copy shall be considered late if mailed or shipped with an overnight delivery service after March 1 of the year following the calendar year covered by the annual report. Hard copy reports may only be filed by licensees who have received an exemption from the Department pursuant to 3:23-4.2 prior to filing.

3. Annual reports found by the Department to be incomplete shall be deemed not filed.

4. Any report not filed by the date due, including those deemed not filed, shall be considered late and will be subject to penalty.

(b) A business licensee under the RMLA, a licensee under the CFLA, motor vehicle installment seller, home repair contractor, home financing agency, check casher, money transmitter, debt adjuster, foreign money transmitter, pawnbroker, insurance premium finance company, foreclosure consultants, and any other licensee that submits payment of the assessment imposed upon them pursuant to 17:1C-33 et seq. and N.J.A.C. 3:5 after the due date indicated on their assessment statement shall be subject to a penalty.

1. Assessments paid with a dishonored or returned check shall be considered unpaid until a replacement check is received by the Department.

2. Assessments not paid because a replacement check has not been received by the due date as required by (b)1 above shall be subject to a penalty.

(c) Unless otherwise prescribed by a statute applicable to a particular license type, a licensee who files an annual report after the date due as set forth in (a) above and/or whose assessment payment is unpaid as set forth in 17:1C-36, shall be subject to a penalty in accordance with the following:

1. For late filing of the annual report, the penalty shall be not more than $ 100.00 per day.

2. For late payment of the assessment, the penalty shall be $ 150.00 per day up to a maximum of 20 percent of the total assessment due.

(d) In addition to any monetary penalties, a license shall be subject to revocation for an assessment that remains unpaid after the due date indicated on the assessment statement and/or for failing to file an annual report by the due date.

(e) The imposition of penalties shall not prevent the Department from imposing further penalties on the licensee for transacting business without a license.

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