New Jersey Administrative Code
Title 3 - BANKING
Chapter 18 - FORECLOSURE CONSULTANTS
Subchapter 8 - PROHIBITED ACTS
Section 3:18-8.1 - Prohibited acts
Universal Citation: NJ Admin Code 3:18-8.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) No business licensee or individual licensee shall:
1.
Claim, demand, charge, collect, or receive any compensation from a distressed
property owner until after the foreclosure consultant has fully performed every
distressed property service the foreclosure consultant contracted to perform
and has secured the distressed property relief for the owner;
2. Claim, demand, charge, collect, or receive
any fee, interest, or any other compensation from a distressed property owner,
for any reason, in excess of two monthly mortgage payments of principal and
interest, or the most recent quarterly property tax installment on the
distressed property, whichever is less;
3. Take a wage assignment, a lien of any type
on real or personal property, or other security to secure the payment of
compensation. Any agreement to take such security is void and
unenforceable;
4. Receive any
consideration from any third party in connection with distressed property
services rendered to a distressed property owner;
5. Acquire any interest, directly or
indirectly, or by means of a subsidiary or affiliate in a distressed property
from a distressed property owner with whom the foreclosure consultant has
contracted;
6. Accept any power of
attorney from a distressed property owner for any purpose, except to inspect
documents as provided by law;
7.
Induce or attempt to induce a distressed property owner to enter a contract
that does not comply in all respects with the Act or this chapter;
8. Violate any of the provisions of the Act
or this chapter; and
9. Other than
compensation payable to the business licensee, no individual licensee shall
receive or solicit any compensation for foreclosure consulting directly from,
or on behalf of, a distressed property owner.
(b) All business licensees shall ensure that all persons in their employ conduct business in compliance with the Act and this chapter.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
