N.J. Admin. Code § 3:16-2.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:16-2.1 - Recordkeeping; reporting

(a) In addition to the records required to be maintained by the Act, a licensee shall maintain a cash book and general ledger. The cash book shall be a record of each amount paid out and the purpose for which it was paid, and each amount received and on what account it was received. The cash book shall be balanced daily.

(b) A licensee shall file an annual report with the Commissioner on or before March 1 of every year on a form supplied by the Commissioner. The annual report shall supply the following:

1. The number and amount of loans made during the preceding year;

2. The range of interest rates charged;

3. The number of pledges redeemed;

4. The number of pledges unredeemed;

5. The date(s) of sales of unredeemed pledges;

6. The number of pledges sold at each public auction;

7. The number of pledges sold at each private sale;

8. The number of purchases made during the preceding year at public auction;

9. The number of purchases made during the preceding year on condition of resale at a stipulated price;

10. Balance sheets and income statements for the year addressed in the report; and

11. A notarized certification by the licensee that he or she is in compliance with 45:22-34, which requires a daily reporting to the police.

(c) In accordance with 3:1-7.6, the Department shall assess a penalty against any licensee for each report the licensee files late.

(d) A licensee shall maintain its records on the licensed premises available for inspection by the Department or the police. Records shall be retained on file for five years.

N.J. Admin. Code § 3:16-2.1

Amended by R.2006 d.235, effective 6/19/2006.
See: 38 N.J.R. 10(a), 38 N.J.R. 2674(a).
Recodified the second occurrence of (b) as (c) and former (c) as (d); and in present (c), substituted "In accordance with N.J.A.C. 3:1-7.6, the" for "The licensee shall remit a fee of $ 100.00 for each such report filed. The" and deleted "$ 50.00" preceding "penalty".
Amended by R.2006 d.408, effective 12/4/2006.
See: 38 N.J.R. 2771(a), 38 N.J.R. 5009(b).
Inserted new (b)7; recodified former (b)7 through (b)10 as new (b)8 through (b)11; in (b)8 and (b)9, substituted "of" for "or"; and in b(10), substituted "year addressed in the report" for "current year".