New Jersey Administrative Code
Title 3 - BANKING
Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING
Subchapter 4 - ADDITIONAL REQUIREMENTS FOR HIGH-COST HOME LOAN CREDIT COUNSELING
Section 3:25-4.1 - Certification of receipt of high-cost home loan counseling
Universal Citation: NJ Admin Code 3:25-4.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Registered high-cost home loan credit counselors shall certify on a form approved by the Department that the consumer has received counseling on a high-cost home loan provided in accordance with the Home Ownership Security Act and the minimum standards set forth in 3:25-4.2.
(b) The certification shall include, but not be limited to:
1. The names of the borrower
and of the individual who provided the counseling;
2. The time and manner of the consultation,
indicating whether the consultation occurred in person, by telephone, on the
Internet, or by other identified means;
3. The length of time of the
consultation;
4. The name of the
prospective lender;
5. The amount,
term, interest rate, annual percentage rate ("APR"), points and fees of the
prospective loan;
6. A statement
that the advice given by the counselor meets or exceeds the standards required
by this chapter;
7. The topics
discussed;
8. The dated signatures
of both the individual who provided the counseling and the consumer;
9. A statement that the high-cost home loan
credit counselor is not affiliated with any high-cost home loan lender and is a
non-affiliated third party agency as defined in
3:25-1.1; and
10. Information disclosing whether a fee has
been paid to the high-cost home loan credit counselor for providing counseling
to the particular borrower named on the certification and, if so, the amount of
the fee and the identity of the payor.
(c) A high-cost home loan credit counselor shall not issue a certification if all counseling required by 46:10B-26 and this subchapter has not been provided.
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.