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 3:15-2.2 - Application for a business license

Universal Citation: NJ Admin Code 3:15-2.2

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

(a) A person applying for a business license pursuant to the Act shall submit the following:

1. A completed application as prescribed by the Commissioner or the NMLSR which shall include the following:
i. The true name of the applicant conforming to 17:11C-75 and no more than three trade names or alternate names conforming to 3:15-1.4 and 1.5 to be utilized;

ii. The location of the principal office;

iii. Information regarding partners, members and managers of a limited liability company, corporate officers, directors, and stockholders owning 10 percent or more of the shares of a corporation as required by the NMLSR and the RMLA;

iv. The name and address of the applicant's registered agent in this State;

v. Information regarding incorporation, registration, and authorization to do business in this State; and

vi. The applicant's Federal Tax Identification Number or Social Security Number, as applicable;

2. Completion of criminal history record background check of all owners, principals, officers, directors, partners, members and managers of a limited liability company, shareholders owning 10 percent or more of the applicant and qualified individual licensees, which shall include:
i. An FBI criminal history record background check through the NMLSR and

ii. A New Jersey Division of State Police criminal history record background check;

3. The identification of at least one officer, director, partner, member, owner or principal to be a qualified individual licensee and who shall apply through the NMLSR for a qualified individual license of the same type as that sought by the business entity;

4. All applications for a mortgage lender or mortgage broker license shall include submission to the Department of an original executed bond, on bond forms issued by the Department, from a surety company authorized to do business in this State, which bond meets the requirements of 3:15-3.1.

5. All applications for a corporate, partnership, limited liability company or sole proprietorship license as a mortgage lender or mortgage broker shall include an unqualified audited financial statement prepared by a certified public accountant or a public accountant, in good standing, demonstrating proof of tangible net worth as specified in 3:15-5.3;

6. An application for a corporate license by a corporation organized under the laws of this State shall be accompanied by a copy of the applicant's Certificate of Incorporation as filed with the New Jersey Department of Treasury, Division of Revenue. A foreign corporation shall submit a copy of its Certificate of Incorporation from the state where it is incorporated, and a copy of its Certificate of Authority to do business in this State approved by the New Jersey Department of Treasury, Division of Revenue. If an alternate name is to be utilized, a copy of the registration of that name with the New Jersey Department of Treasury, Division of Revenue shall be provided;

7. An application for a sole proprietorship or partnership license where a trade name is to be used shall be accompanied by a trade name certificate filed with the County Clerk's office in the county in which the licensee is to be located, and any filing made with the New Jersey Department of Treasury, Division of Revenue. An application for a limited liability company license shall be accompanied by a copy of the applicant's Certificate of Formation as filed with the New Jersey Department of Treasury, Division of Revenue. A foreign limited liability company shall submit a copy of its formation document from the state where it was established. If an alternate name is to be utilized, a copy of the registration of that name with the New Jersey Department of Treasury, Division of Revenue shall be provided;

8. The non-refundable application fee as specified in 3:15-4.1; and

9. The certification referenced in 3:15-1.3(a) that the principal office is in compliance with the provisions of that rule.

(b) The applicant shall bear all costs including those associated with completion of the criminal history record background checks through the New Jersey Division of State Police and the FBI, the securing of a credit report and all fees and charges imposed by the NMLSR and the Department, including non-refundable application fees and costs.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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