Current through Register Vol. 56, No. 18, September 16, 2024
(a) A consumer
lender may engage in the activities related to that license without securing
specific approval from the Commissioner. The activities may be conducted in the
same office, room or place of business where the consumer lender conducts the
business of making consumer loans.
1. Any
licensed activity permitted under the Act provided that the consumer lender
secures proper licensing from the Department;
2. Mortgage loan business. Any such business
shall be conducted in accordance with the provisions of the New Jersey
Residential Mortgage Lending Act,
17:11C-51 et seq., provided that
the consumer lender secures proper licensing from the Department;
3. The home repair financing agency business.
Any such business shall be conducted in accordance with the provisions of
17:16C-62 et seq., the Home Repair
Financing Act;
4. The insurance
premium finance company business. Any such business shall be conducted in
accordance with the provisions of
17:16D-1 et seq., the Insurance
Premium Finance Company Act;
5. The
making of business or commercial loans;
6. The financing of installment contracts
involving the time sale of goods or services that are to be utilized by the
buyer for business or commercial purposes;
7. The leasing of personal property for
business or commercial purposes;
8.
Income tax preparation service;
9.
First lien loans on non-residential real property provided that such business
is conducted in accordance with the provisions of
31:1-1 et seq., N.J.A.C. 3:1 or
Sections 501 et seq., of the Federal Depository Institutions Deregulation and
Monetary Control Act of 1980, P.L. 96-221; and
10. Purchase of owner originated second
mortgages under such reasonable terms and conditions as may be agreed to
between the consumer lender and the mortgagee.
(b) A consumer lender who wishes to engage in
the same office, room or place of business in an activity related to the
financial services business not authorized by the consumer lending license or
specified in (a) above, may apply to the Commissioner for approval to engage in
such activity. Such application shall:
1. Be
in writing;
2. Identify that it is
an application by a consumer lender to engage in an activity pursuant to
3:17-9.2;
3. Describe in detail how the activity in
which the consumer lender wishes to engage is related to the financial services
business;
4. Include a statement
that the consumer lender will not require that a borrower engage in the
activity as a precondition for granting a consumer loan; and
5. Include a statement that the consumer
lender will conduct the activity in conformity with all applicable law and
regulations.
(c) The
Commissioner shall approve or deny an application submitted pursuant to (b)
above within 90 days of receipt. If the Commissioner does not, within 90 days
of receipt, deny a consumer lender's application submitted pursuant to (b)
above, the application shall be deemed approved.
(d) Consumer lenders who obtained, prior to
July 1, 1997, approval from the Commissioner to engage in an activity not
specified in
3:17-9.2 shall be deemed to be
approved to engage in that activity under the Act.
