N.J. Admin. Code § 3:17-5.6

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

Section 3:17-5.6 - Judgment records requirement for consumer lenders and sales finance companies

(a) When a consumer lender or sales finance company has reduced a note to judgment, the licensee shall maintain a file containing the following information:

1. The date of judgment;

2. The judgment debtor's name and address;

3. The date suit was filed;

4. The nature of the suit;

5. The name and location of the court;

6. The amount of judgment, showing the separate items comprised in the judgment as follows:

i. Principal;

ii. Interest;

iii. Attorney's fees;

iv. Court cost (itemized); and

v. Total amount of judgment; and

7. A description of the legal procedures followed to enforce the judgment.

(b) Consumer lenders and sales finance companies shall maintain records of nonjudicial foreclosures of security, such as repossession pursuant to the terms of the contract.

N.J. Admin. Code § 3:17-5.6