N.J. Admin. Code § 3:24-1.3
Words and terms, when used in this chapter, shall have the meanings as defined below, unless the context clearly indicates otherwise.
"Act" means 17:15A-30 et seq., "The Check Cashers Regulatory Act of 1993."
"Appropriate documentation" means a corporate resolution filed with the Secretary of State, Federal taxpayer identification number, filed New Jersey Certificate of Authority, filed trade-name certificate or other readily verifiable official document.
"Cash" (cashing a check) includes both the exchange of money for the presentment of a check, and the acceptance of a replacement check for one which has been returned for insufficient funds.
"Commissioner" means the Commissioner of Banking and Insurance.
"Consideration" means, but is not limited to, a requirement by the check casher that a person make a purchase or otherwise patronize a business operated by the check casher in order to cash a check at the check cashing establishment, or a returned check charge imposed by a bank.
"Department" means the Department of Banking and Insurance.
"Disabled person" means, for the purpose of these rules, a person whose disability either temporarily or permanently prevents him from going into a check cashing establishment for the purpose of cashing a check.
"Essential records" includes all records listed in 17:15A-44(l) and (m); 3:24-5.3(a); and all corporate resolutions.
"Insolvent" means that the check cashing licensee cannot or does not pay his or her debts as they become due in the normal course of business, or his or her financial statement indicates that the licensee has a negative net worth.
"Payday loan" means an agreement to defer the presentment of a negotiable item, or defer the deposit of an item for collection, or defer debiting the borrower's account electronically or by any other means, in return for a consideration or other thing of value where the rate, fee or other consideration charged for such forbearance exceeds the "maximum rate permitted by law" as that phrase is used in 2C:21-19. "Payday loan" shall include, but not be limited to, such loans made.
"Person" includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless the context clearly indicates otherwise.
"Refund anticipation loan" means an agreement to lend a borrower funds, or to extend any other consideration to a borrower, in return for a promise by the borrower to repay the loan or other consideration that includes an assignment of the borrower's Federal and/or state tax refund, where the rate, fee or other consideration charged for such forbearance exceeds the "maximum rate permitted by law" as that phrase is used in 2C:21-19. "Refund anticipation loan" includes, but is not limited to, such loans made:
"Title loan" means an agreement to lend a borrower funds, secured by a title to a motor vehicle, which loan is in return for a consideration or other thing of value where the rate, fee or other consideration for such forbearance exceeds the "maximum rate permitted by law" as that phrase is used in 2C:21-19. "Title loan" shall include, but not be limited to, such loans made:
N.J. Admin. Code § 3:24-1.3
See: 32 N.J.R. 344(a), 32 N.J.R. 1513(b).
Inserted "Commissioner" and "Department".
Amended by R.2006 d.329, effective 9/18/2006.
See: 37 N.J.R. 2917(a), 38 N.J.R. 3773(a).
Rewrote the introductory paragraph and added definitions "Payday loan", "Refund anticipation loan" and "Title loan".
Amended by R.2010 d.140, effective 7/6/2010.
See: 41 N.J.R. 4583(a), 42 N.J.R. 1355(a).
In definition "Essential records", inserted parentheses around "l" and "m".