New Jersey Administrative Code
Title 3 - BANKING
Chapter 18 - FORECLOSURE CONSULTANTS
Subchapter 2 - LICENSE REQUIREMENTS
Section 3:18-2.5 - Late renewal of licenses; late renewal fees; reinstatement fees; no authority after expiration

Universal Citation: NJ Admin Code 3:18-2.5

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

(a) Initial license terms shall run from the date of issue until June 30 of the following odd numbered year ("renewal year").

(b) A person who submits a renewal application for a business or individual license after the expiration of the license, but no later than the last day of July following license expiration, may be renewed upon payment of a late renewal fee of $ 50.00 per license.

(c) An individual or a business licensee who wishes to apply for reinstatement after the last day of July of the year in which their unrenewed license expired shall be required to file a reinstatement application. Expired business licensees shall submit a reinstatement application fee of $ 250.00 and expired individual licensees shall submit a reinstatement application fee of $ 50.00. Reinstatement applications will be accepted for a period of six months following the expiration of the last license held, after which the person shall be treated as a new license applicant and required to submit a complete new application and application fee.

(d) The submission of an application for late renewal or for reinstatement of a license does not authorize an individual licensee or a business licensee and any individual licensees employed by it to engage in any activity subject to licensure prior to the issuance of a properly renewed or reinstated license. A formerly licensed person who engages in activity as a foreclosure consultant without a renewed or reinstated license shall be subject to fines and other penalties as set forth in 3:18-9.1.

(e) The license of an individual licensee shall not be renewed or reinstated, notwithstanding the timely application of the individual licensee for renewal, until the business licensee by which he or she is employed is renewed or reinstated.

(f) Late renewal and reinstatement application fees are nonrefundable.

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