New Jersey Administrative Code
Title 3 - BANKING
Chapter 18 - FORECLOSURE CONSULTANTS
Subchapter 3 - BONDING
Section 3:18-3.1 - Bond requirements
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Business licensees shall provide a blanket bond covering the business licensee and all individual foreclosure licensees employed by the business licensee and all other persons employed by the business licensee.
(b) A business entity that seeks an initial license as a foreclosure consultant shall obtain a surety bond in the amount of $ 75,000.
(c) The Department may require at any time an increase in the amount of a bond to an amount not to exceed $ 250,000 if, after evaluating the level of foreclosure consulting activity of the business licensee in this State, including the number of individual licensees employed by the business licensee, the results of examinations, any violations of the Act, any claims paid on the bond, the volume of foreclosure consulting agreements entered into by the business licensee, and the amount of compensation received by the business licensee for having rendered distressed property services, the Department determines that the amount of the bond is insufficient to protect the beneficiaries of the bond.
(d) Use of the bond form posted on the Department's website at www.dobi.nj.gov in the amount specified at (b) above or an amount adjusted as set forth at (c) above and issued by a surety company authorized to write such bonds in New Jersey shall, subject to all other applicable requirements, be considered sufficient for approval.
