New Jersey Administrative Code
Title 3 - BANKING
Chapter 16 - PAWNBROKING LAW REGULATIONS
Subchapter 1 - GENERAL PROVISIONS
Section 3:16-1.4 - Surety bond
Universal Citation: NJ Admin Code 3:16-1.4
Current through Register Vol. 56, No. 18, September 16, 2024
(a) An applicant shall file with the Commissioner a surety bond in the amount of $ 1,000 for each place of business in this State. The surety bond shall be obtained from an insurance company authorized to do business in New Jersey.
(b) The bond shall run to the State, pro rata, for the benefit of the Department and for the benefit of all consumers injured by the wrongful act, omission, default, fraud or misrepresentation of the pawnbroker in the course of activity as a licensee. The bond shall not be payable for claims made by business creditors.
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