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

Universal Citation: NJ Admin Code 3:15-1.3

Current through Register Vol. 56, No. 18, September 16, 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.

2. The Commissioner shall consider the following factors in determining whether an out-of-State location at which there is direct contact with New Jersey consumers as referenced in (a) above is suitable:
i. The location shall ensure the maintenance of a consumer's right to privacy with respect to conversations and documents involving personal and financial information; and

ii. The location of the out-of-State office shall comply with all applicable Federal, State and local laws in the state where the office is located.

3. Applicants for a business license shall certify, on a form as prescribed by the Commissioner, that the location of their principal office is in compliance with the requirements set forth in this subsection.

(b) A licensee may maintain more than one office and shall secure a license for each branch office as required by 3:15-2.4.

(c) Each licensee that maintains more than one licensed office shall identify one licensed office as its principal office. The designation of the principal office shall be made as part of the application for licensure as set forth in 3:15-2.2. Notice of a change in the location of the business licensee's principal office shall be entered into the NMLSR within 10 days of the effective date of the change. After the processing of the change has been completed, the Commissioner shall issue a new license reflecting the new designation.

(d) A business licensee changing its name or changing the address of the principal office or any branch office shall comply with 3:1-7.1 and 7.4, as applicable.

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