N.J. Admin. Code § 16:41C-5.4

Current through Register Vol. 56, No. 11, June 3, 2024

Section 16:41C-5.4 - Disclosure statement requirement for license holders

(a) Any person applying for or renewing an outdoor advertising license shall file a disclosure statement.

(b) The disclosure statement shall be filed within 60 days after the issuance of the initial license and at the time of license renewal.

(c) Failure to file a disclosure statement within the 60 days of issuance of the initial license shall invalidate the license. Failure to file a disclosure statement with the license renewal shall result in the renewal application being deemed incomplete. Incomplete renewal applications shall not be considered by the Department until deemed complete.

(d) The disclosure statement shall include:

1. The full name and business address of the person holding the license to engage in the business of outdoor advertising, the full names of any officers, directors, or partners of the person holding the license to engage in the business of outdoor advertising and all persons holding any equity in or debt liability of that corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization; or if the holder is a publicly traded corporation, all persons having more than 10 percent of the equity in or the debt liability of that corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization, except that where the debt liability is held by a chartered lending institution, the person need only supply the name and business address of the lending institution; and

2. The full name and business address of all officers, directors, or partners of any corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization disclosed in the disclosure statement, and the names and addresses of all persons holding any equity in or the debt liability of any corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization so disclosed, or, if the corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization is a publicly traded corporation, all persons holding more than 10 percent of the equity in or the debt liability of that corporation, association, firm, partnership, sole proprietorship, trust or any other form of commercial organization, except that where the debt liability is held by a chartered lending institution, the person need only supply the name and business address of the lending institution.

(e) If the information in a licensee's disclosure statement changes, the licensee shall file an updated disclosure statement within 60 days of that change.

N.J. Admin. Code § 16:41C-5.4

Amended by 47 N.J.R. 540(a), effective 3/2/2015