New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 2 - LICENSING
Section 3:15-2.13 - Responsibilities and replacement of a business licensee$DQ$s qualified individual licensee

Universal Citation: NJ Admin Code 3:15-2.13

Current through Register Vol. 56, No. 18, September 16, 2024

(a) If a qualified individual licensee upon whom a corporation, partnership, association, limited liability company or other entity relies for its license has his or her qualified individual license revoked or suspended by any state, or allows the license to lapse, or for some other reason is no longer affiliated with the business licensee, the business licensee shall notify the Commissioner within 10 days of the event. In addition, the business licensee shall appoint another qualified individual licensee within 90 days of the effective date of the termination of the former qualified individual licensee's affiliation with the business licensee for any reason. The Department may extend the 90-day period for good cause upon written request of the business licensee.

(b) A qualified individual licensee shall satisfy all applicable requirements and shall be responsible to perform the following:

1. Supervise the operations of the licensed office(s) to ensure that the business is being conducted in compliance with all applicable State and Federal laws and regulations;

2. Supervise the prompt review and response to Department communications relating to consumer complaints and inquiries regarding the licensee's licensed activities;

3. Supervise the prompt review and response to Department communications relating to on-site examinations, including, but not limited to, requests for scheduling, responses to examination findings and responses to directives arising from examinations;

4. Ensure the proper completion and timely submission of the required licensee annual report filing as well as any other special reports or surveys that may, from time to time, be requested by the Department;

5. Ensure that license renewals and other licensing matters such as new branch office applications, changes of address, changes of name, change of control, and requests for additional licenses are submitted to the Department or NMLSR as applicable and accompanied by the required documentation;

6. Have and maintain sufficient knowledge of all applicable Federal and State statutes and rules; and

7. Ensure that all employees operating as mortgage loan originators are duly licensed and that copies of the licenses issued for all mortgage loan originators are available for inspection at the licensed office from which the mortgage loan originator operates.

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