New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 3 - BONDING
Section 3:15-3.2 - Beneficiaries of bond coverage

Universal Citation: NJ Admin Code 3:15-3.2
Current through Register Vol. 56, No. 18, September 16, 2024

The bond shall run to the State, pro rata, for the benefit of consumers injured by the wrongful act, omission, default, fraud or misrepresentation of the mortgage lender, mortgage broker, qualified individual licensee or mortgage loan originator in the course of activity authorized by the license, and for the benefit of the Department for unpaid examination bills, unpaid penalties, unpaid assessments and any other unpaid obligations of the mortgage lender or mortgage broker to the Department, including, but not limited to, returned items submitted to the Department in payment of bills, penalties, charges, assessments or fees.

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