New jersey consumer finance licensing act

A version of this article was originally published in the New Jersey Law Journal. Send Print Report. Published In: Class Action. Consumer Lenders. Debt Buyers. Debt Collection. Debt Collectors. Enforcement Authority. Financial Services Industry. Licensing Rules. Civil Procedure. Significantly, Bulletin No. Importantly, the Act provides certain exemptions from this licensing requirement, including, but not limited to:.

Any entity claiming an exemption on the grounds that it is already licensed under the RMLA should ensure that it is appropriately registered by that date. We take the time to hear your needs, so we can craft the best plan for achieving your goals. By focusing on you, we ensure you get the guidance you need, when you need it, so your business can continue to rise above the competition. Our approach is cutting-edge. By adopting an efficient and results-oriented approach to our representation, our boutique structure allows us to consistently deliver outsized results for our clients.

We value creativity, and we never shy away from breaking new ground. We find innovative solutions to complex problems, helping our clients navigate even the most challenging of legal issues. We represent clients in some of the most heavily regulated and hotly litigated industries in the country. We believe collaboration is key—our success is your success. Working together as a cohesive team helps us provide top-notch representation and obtain unparalleled results. If the company has multiple locations, whether in state or out-of-state, must they be licensed as branch offices?

If these locations conduct business as defined in the New Jersey Consumer Finance Licensing Act for consumer lenders or sales finance companies, they must be licensed for the respective business activity. How much net worth or tangible net worth must be demonstrated on the audited financial statement?

The net worth and liquid asset requirements are not cumulative. Must I file an audited financial if this is a new entity? What is the term of the license? All licenses that are initially issued anytime between July 1, and June 30, will expire on June 30, Thereafter, all licenses will be subject to renewal for a 2-year term beginning on July 1 of an odd year and expiring on June 30 of the following odd year, i.

July 1, through June 30, What is the cost of the license? Can a residence be used as a licensed office? Refer to the Certification of Office Suitability In-State Office or Certification of Office Suitability Out-Of-State Office , whichever is applicable, to determine if the residence meets the requirements for an appropriate office location.