N.J. Admin. Code § 3:17-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:17-1.3 - Suitable location for office

(a) A licensee shall maintain a principal office. The maintenance of a principal office at which there will be no direct contact with New Jersey consumers shall not relieve the licensee of the obligation to maintain the confidentiality of any financial information in accordance with all applicable Federal and State laws and rules. A principal office where the licensee has direct contact with New Jersey consumers shall be in a suitable location as determined by the Commissioner.

1. The Commissioner shall consider the following factors in determining whether a location in New Jersey at which there is direct contact with New Jersey consumers as referenced in (a) above is suitable:

i. The location shall have a space that may only be utilized for the purposes of the licensee's business and by the licensee and its employees, structured in such a way as to ensure the maintenance of a consumer's right to privacy with respect to conversations and documents involving personal and financial information;

ii. The location shall conform to all local ordinances and zoning requirements;

iii. The location shall be reasonably accessible to the public;

iv. Any signage proposed for the location shall clearly identify the licensee;

v. The location shall be reasonably free of noise and other distractions so as to permit customers to give appropriate consideration to the loan transaction; and

vi. A location in a residence shall not be considered suitable unless the office is separate from the residential area and conveniently accessible to all consumers through a separate business entrance.

2. The Commissioner shall consider the following factors in determining whether an out-of-State location at which there is direct contact with New Jersey consumers as referenced in (a) above is suitable:

i. The location shall ensure the maintenance of a consumer's right to privacy with respect to conversations and documents involving personal and financial information; and

ii. The location of the out-of-State office shall comply with all applicable Federal, state and local laws in the state where the office is located.

3. Applicants for a license shall certify, on a form as prescribed by the Commissioner, that the location of their principal office is in compliance with the requirements set forth in this subsection.

(b) A licensee may maintain more than one place of business and shall secure a license for every branch office as required by 3:17-2.3.

(c) Each licensee that maintains more than one licensed office shall designate one licensed office as the principal office. The designation of the principal office shall be filed with the Commissioner. Any change in the designation shall be filed within 10 days of the effective date of the change. If the filing is complete, the Commissioner shall issue a new license reflecting the new designation.

(d) A licensee changing its name or changing the address of the principal office or any branch office shall comply with 3:1-7.1 and 7.4, as applicable.

N.J. Admin. Code § 3:17-1.3