N.J. Admin. Code § 3:18-3.8

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

Section 3:18-3.8 - Priority of claims against bonds

The Department shall review all timely consumer claims made against the bond of a business licensee and decide which claims are valid. The Department shall submit all timely valid claims to the surety company to share pro rata in the proceeds of the bond. The Department shall then submit to the surety company for the payment claims it has against the licensee for other unpaid penalties, charges, assessments, or fees. Consumers submitting claims after the filing date set forth in the published notice but before the expiration of the applicable statute of limitations period shall recover next against the bond in the order that the claims are submitted.