N.J. Admin. Code § 3:17-2.8
Current through Register Vol. 56, No. 21, November 4, 2024
Section 3:17-2.8 - Discontinuation of business activity(a) When a consumer lender or sales finance company discontinues its licensed business operations in New Jersey, the licensee shall: 1. Surrender the entity's current license as well as the license of each branch office;2. Identify, in writing, if there are any New Jersey consumer loan retail installment sales contracts or retail charge account agreements being processed and provide the total number of any such transactions together with the consumers' names and addresses for each transaction;3. Identify, in writing, the location of loan or agreement files required to be maintained under New Jersey law and regulations;4. Identify, in writing, any arrangements that have been made to have other entities take over consumer loan or retail charge account agreement files together with complete information on the name, address, telephone number, and contact person of entities involved in such arrangements;5. Identify, in writing, the name and telephone number of person(s) within the licensee's operation designated to handle any consumer problems that may arise;6. Satisfy all outstanding obligations owed to the Department including all assessments due and owing and prepay the dedicated funding base assessment for the year of the discontinuance by paying the amount of the most recently billed base assessment within 15 days after ceasing business or upon being acquired. Adjustments to the base assessment, if any, and the final volume assessment for the year of discontinuance will be billed in the year following the discontinuance;7. Satisfy all filing requirements including submitting a final annual report for the year in which the licensee discontinues its licensed business operations in New Jersey; and8. Identify, in writing, the name, address, and phone number of the person within the licensee's operation responsible for the payment of assessments. N.J. Admin. Code § 3:17-2.8