New Jersey Administrative Code
Title 3 - BANKING
Chapter 16 - PAWNBROKING LAW REGULATIONS
Subchapter 1 - GENERAL PROVISIONS
Section 3:16-1.2 - Licensing

Universal Citation: NJ Admin Code 3:16-1.2

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

(a) No person shall engage in the business of a pawnbroker in this State without first obtaining a license.

(b) A person is engaged in the business of a pawnbroker if such person:

1. Advertises, causes to be advertised, solicits, negotiates, offers to make or makes a loan on deposit or pledge of personal property;

2. Does business as a furniture storage warehouseman and lends money on goods, wares or merchandise pledged or deposited as collateral security; or

3. Purchases property on condition of selling it back at a stipulated price.

(c) No applicant for a license shall commence pawnbroker operations until a license has been issued by the Department.

(d) An applicant for a license shall apply on a form supplied by the Commissioner, which shall require the following information:

1. The full name and residence address of each owner, substantial stockholder, officer, director, member, partner and manager of the business to be licensed;

2. The location of the place or places of business;

3. The application fee of $ 500.00;

4. A statement of net worth;

5. An original surety bond as required by this subchapter;

6. A copy of the insurance policy as required by this subchapter;

7. For corporate applicants, a copy of the certificate of incorporation showing the filing or recording stamp of the New Jersey Department of the Treasury, Division of Revenue, and identifying the registered agent for service of process; and

8. Any other information or supporting documentation which the Commissioner may require.

(e) Application fees are not refundable.

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