New Jersey Administrative Code
Title 3 - BANKING
Chapter 15 - RESIDENTIAL MORTGAGE LENDERS; CORRESPONDENT MORTGAGE LENDERS; MORTGAGE BROKERS; QUALIFIED INDIVIDUAL LICENSEES; MORTGAGE LOAN ORIGINATORS
Subchapter 6 - BOOKS AND RECORDS; EXAMINATIONS; ANNUAL REPORTS
Section 3:15-6.1 - Methods and accounting for business licensees

(a) Each licensee shall maintain books and records in accordance with recognized accounting principles.

(b) If a person licensed to act as a mortgage lender or mortgage broker maintains books and records on a basis other than the accrual method of accounting, that licensee shall also maintain books and records on the accrual basis of accounting which states the tangible net worth of the licensee.