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 3:15-2.17 - Discontinuation of lender or broker business activity

1. Surrender the entity's current license(s) as well as the license of each qualified individual licensee, branch office, and mortgage loan originator;

2. Identify, in writing, if there are any New Jersey residential mortgage loans being processed and provide the total number of any such loans together with the consumer's names and addresses and the property address for each loan;

3. Identify, in writing, the number of New Jersey residential mortgage loans being processed that have scheduled closing dates and such dates and provide the consumers' names and addresses and the property address for each loan;

4. Identify, in writing, the location of the loan files of pending New Jersey residential loan applications;

5. Identify, in writing, the location of other loan files required to be maintained under New Jersey law and regulations;

6. Identify, in writing, any arrangements that have been made to have other entities take over loan files together with complete information on the name, address, telephone number, and contact person of entities involved in such arrangements;

7. Identify, in writing, the name and telephone number of person(s) within the licensee's operation designated to handle consumer problems that may arise;

8. Satisfy all outstanding obligations owed to the Department;

9. Satisfy all filing requirements including the final annual report which report shall be for the year in which the licensed lender discontinues its licensed business operations in New Jersey;

10. Pay all assessments due and owing and prepay the base assessment for the year of the discontinuance by paying the amount of the most recently billed base assessment within 15 days after ceasing business or upon being acquired. In the event that the said amounts are not paid, the Department shall proceed against the bond. Adjustments to the base assessment, if any, and the final volume assessment for the year of discontinuance will be billed in the year following the discontinuance. In the event of an acquisition, the amount carried forward shall be paid by the acquiring entity; and

11. Identify, in writing, the name, address and phone number of the person within the licensee's operation responsible for the payment of assessments.