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 3:15-2.7 - Late renewal of business and/or branch licenses; late filing fees; reinstatement fees
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A person who submits a renewal application for a business license after the expiration of the license, but no later than the last day of February immediately thereafter may renew by paying a penalty for late filing of $ 600.00 per license.
(b) A person who submits a renewal application for a branch after the expiration of the branch license but no later than the last day of February immediately thereafter may renew by paying a penalty for late filing of $ 500.00 per branch license.
(c) A person who submits a renewal application after the last day of February immediately following the expiration of the license shall be treated as a new licensee and be required to submit an application with a fee as specified in N.J.A.C. 3:15-4.
(d) Payment of penalties for late renewal filing shall be collected on behalf of the Commissioner through the NMLSR.
(e) The date of submission for this section shall be the date on which the electronically submitted complete renewal application was accepted for processing by the NMLSR.
(f) The fact that a person submits an application for renewal of a license following the expiration of the licensing period does not authorize that person to engage in any activity subject to licensure without having a properly renewed license. The Department may take administrative action, imposing fines and penalties against anyone who engages in a licensed activity without being properly licensed.
(g) Application fees are nonrefundable.
