New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 27 - REGULATIONS GOVERNING ROOMING AND BOARDING HOUSES
Subchapter 11 - FINANCIAL SERVICES
Section 5:27-11.3 - Holding of personal funds

Universal Citation: NJ Admin Code 5:27-11.3

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

(a) With the consent of the resident, a licensee may hold personal funds of the resident in trust for the resident.

(b) All funds held in trust for a resident shall be kept separately from the funds of the licensee.

(c) Funds which are not to be disbursed to the resident within one month of receipt by the licensee shall be placed in an interest bearing custodial account at a banking institution having an office in the municipality in which the boarding house is located or in the nearest commercial center having a banking institution office. The resident shall be advised as to the name and address of the banking institution and the account number.

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