New Jersey Administrative Code
Title 3 - BANKING
Chapter 17 - CONSUMER LENDERS AND SALES FINANCE COMPANIES
Subchapter 5 - BOOKS AND RECORDS; EXAMINATIONS; ANNUAL REPORTS
Section 3:17-5.7 - Motor vehicle lien requirement for consumer lenders
Universal Citation: NJ Admin Code 3:17-5.7
Current through Register Vol. 56, No. 18, September 16, 2024
Whenever a consumer loan or retail installment contract is secured by a lien on a motor vehicle, it shall be the responsibility of the consumer lender or sales finance company to see that the title to the motor vehicle is in the name of the borrower. If the motor vehicle used as security is the property of a comaker, surety or guarantor, then the title of such motor vehicle shall be in the name of the comaker, surety or guarantor.
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