New Jersey Administrative Code
Title 3 - BANKING
Chapter 18 - FORECLOSURE CONSULTANTS
Subchapter 2 - LICENSE REQUIREMENTS
Section 3:18-2.2 - Application for a license

Universal Citation: NJ Admin Code 3:18-2.2

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

(a) No person shall act as, offer to act as, or hold himself or herself out to be, a foreclosure consultant or use the designation foreclosure consultant, foreclosure consultant specialist, or similar designation in this State unless licensed by the Commissioner as set forth in the Act.

1. A complete application as prescribed by the Commissioner which shall include the following:
i. The legal name of the applicant, any trade or alternate name in which the applicant intends to operate, the official e-mail address of the applicant, and the business address of the principal office from which the applicant will conduct foreclosure consulting activity and at which the applicant may be contacted by the Department;

ii. The identification of any additional locations at which the applicant will engage in the business of foreclosure consulting on an ongoing basis. All such locations shall conform to all applicable local laws and ordinances and shall be conducive to the maintenance of the confidentiality of the personal identification and financial information of all consumers to whom the applicant provides any distressed property services, in accordance with all applicable Federal and State laws and rules;

iii. If different from the principal business location referenced in (a)1i above, the primary contact location of the applicant, including its mailing and e-mail addresses;

iv. A designation of the location at which the records of the applicant shall be maintained;

v. If the applicant is a business entity other than a sole proprietorship, information identifying all partners, all members and managers of a limited liability company, corporate officers, directors, and stockholders owning 10 percent or more of the shares of a corporation, and a personal certification from all such individuals.

vi. The name and address of the applicant's registered agent in this State; and

vii. The applicant's Federal Tax Identification Number or Social Security Number, as applicable;

2. Evidence of submission to a criminal history record background check by all owners, principals, officers, directors, partners, members, and managers of a limited liability company, shareholders owning 10 percent or more of the applicant, and by all employees requiring individual licensure as foreclosure consultants, which shall include:
i. An FBI criminal history record background check; and

ii. A New Jersey Division of State Police criminal history record background check, including fingerprinting in the manner currently required by the New Jersey State Police or their authorized representative;

3. Disclosure of the revocation, denial, or suspension of, and any restraint upon, any business or professional license, registration, certificate, or other credential authorizing the person to engage in business issued to or sought by the applicant, or any officer, director, partner, member, owner, or stockholder holding 10 percent or more of the company of the applicant, or any parent, subsidiary, or affiliate of the applicant, by this State, another state, the Federal government, or by any agency or instrumentality thereof;

4. The submission to the Department of an original executed bond, on a bond form provided by the Department on its website, from a surety company authorized to do business in this State, which bond meets the requirements of N.J.A.C. 3:18-3;

5. An unqualified audited financial statement prepared by a certified public accountant or a public accountant, in good standing;

6. An application for a business license by a corporation organized under the laws of this State shall be accompanied by a copy of the applicant's Certificate of Incorporation as filed with the New Jersey Department of Treasury, Division of Revenue. A foreign corporation shall submit a copy of its Certificate of Incorporation from the state in which it is incorporated, and a copy of its Certificate of Authority to do business in this State approved by the New Jersey Department of Treasury, Division of Revenue. If an alternate name is to be utilized, a copy of the registration of that name with the New Jersey Department of Treasury, Division of Revenue shall be provided;

7. An application for a business license from a sole proprietorship or partnership where a trade name is to be used shall be accompanied by a trade name certificate filed with the county clerk's office in the county in which the licensee is to be located, and any filing made with the New Jersey Department of Treasury, Division of Revenue;

8. An application for a business license from a limited liability company shall be accompanied by a copy of the applicant's Certificate of Formation as filed with the New Jersey Department of Treasury, Division of Revenue and a copy of its operating agreement. A foreign limited liability company shall submit a copy of its formation document from the state where it was established, a copy of its Certificate of Authority to do business in this State approved by the New Jersey Department of the Treasury, Division of Revenue, and a copy of its operating agreement. If an alternate name is to be utilized, a copy of the registration of that name with the New Jersey Department of Treasury, Division of Revenue shall be provided;

9. The non-refundable application fee as specified at N.J.A.C. 3:23-2.1(b)

10. A certification that the personal identification and financial information of all clients of the business shall be maintained in accordance with all Federal and State laws and rules applicable to personal identification and financial information privacy; and

11. A certification that the principal office is in compliance with all applicable local laws and ordinances.

(b) If the applicant is a natural person who will be employed by a business entity as a foreclosure consultant, such an applicant shall submit the following: a complete application, a non-refundable application fee as specified in 3:23-2.1(b), evidence of submission to criminal history record background checks through fingerprinting in the manner currently required by the New Jersey State Police or their authorized representative, a personal certification, and the application fee.

(c) The applicant shall bear all costs, including those associated with completion of the criminal history record background checks through the New Jersey Division of State Police and the FBI, and all fees and charges imposed by the Department, including non-refundable application fees.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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