Current through Register Vol. 56, No. 18, September 16, 2024
(a) Within 20 days
after a change of any information required by
46:10B-55 and this subchapter to
be supplied with an initial license application, a foreclosure consultant shall
notify the Department in writing of any fact or circumstance affecting its
qualifications for licensure including, but not limited to, a change in name,
new or revised standard contracts, additions or deletions to the list of
locations at which the licensee conducts ongoing business, and a change in its
ownership or control as the result of a sale, transfer, or change of control of
at least 10 percent of the business.
(b) For any individual who, as a result of
the sale, transfer, or change of control owns at least 10 percent of the
foreclosure consultant business and for each new officer, director and partner,
a business licensee shall submit evidence of submission to a criminal history
record background check as set forth in
46:10B-55 and
3:18-2.2(a)2. The
background check shall include a State criminal history record background check
based upon an exchange of fingerprint data with the State Bureau of
Identification in the Division of State Police and a check of criminal
information as requested from and distributed to the Federal Bureau of
Investigation and any other governmental agency as follows:
1. Fingerprints, for submission to the FBI
and any other governmental agency authorized to receive this information for a
state, Federal, and international criminal history record background check, to
determine an applicant's fitness for licensure under
46:10B-55.b(2).
(c) The notification of change and
the evidence of submission of request for criminal history record background
check shall be provided to the Department at: New Jersey Department of Banking
and Insurance
Licensing Services
PO Box 473
Trenton, NJ 08625-0473
(d) A business licensee shall notify the
Department in writing within 15 days of the occurrence of any of the following:
1. The arrest, indictment, or conviction of
the business licensee, or of any officer, director, partner, member, owner, or
stockholder holding 10 percent or more of the company of the business licensee
in this State, in another state, or in any Federal jurisdiction for any
offense, crime, or misdemeanor, except for a motor vehicle violation;
2. The revocation, denial, suspension, or
restraint of a business or professional license, registration, certificate, or
other right to engage in business issued to the licensee, or to any officer,
director, partner, member, owner, or stockholder holding 10 percent or more of
the company of the licensee, or to any affiliate thereof, by this State, by
another state, by the Federal government, or by any agency or instrumentality
thereof;
3. The filing of a
petition for bankruptcy or reorganization by the licensee, or by any officer,
director, partner, member, owner, or stockholder holding 10 percent or more of
the company of the licensee, or by any affiliate thereof;
4. The fining, penalizing, or disciplining of
the licensee, or any affiliates, by this State, by another state, by the
Federal government, or by any agency or instrumentality thereof; and
5. The entry of any final judgment in a civil
or administrative action against the licensee upon the grounds of fraud,
misrepresentation, deceit, or breach of contract.
(e) An individual licensee shall notify the
Department in writing within 15 days of the occurrence of any of the following:
1. The arrest, indictment, or conviction of
the licensee in this State, in another state, or in any Federal jurisdiction
for any offense, crime or misdemeanor, except for a motor vehicle
violation;
2. The revocation,
denial, suspension, or restraint of a business or professional license,
registration, certificate, or other right to engage in business issued to the
licensee by this State, by another state, by the Federal government, or by any
agency or instrumentality thereof;
3. The fining, penalizing, or disciplining of
the licensee by this State, by another state, by the Federal government, or by
any agency or instrumentality thereof; and
4. The entry of any final judgment in a civil
or administrative action against the licensee upon the grounds of fraud,
misrepresentation, deceit, or breach of contract.
