N.J. Admin. Code § 3:25-2.1

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

Section 3:25-2.1 - Eligibility for license or registration

(a) No person other than a nonprofit social service agency or a nonprofit credit counseling agency duly licensed in accordance with the Debt Adjuster Act and this chapter shall act as a debt adjuster.

(b) An unlicensed nonprofit social service agency or nonprofit credit counseling agency may provide high-cost home loan credit counseling if it is registered in accordance with this chapter. In order to provide high-cost home loan credit counseling, agencies licensed pursuant to the Debt Adjuster Act shall also be registered in accordance with this chapter.

(c) To be eligible for a license under the Debt Adjuster Act, a nonprofit social service agency or nonprofit consumer credit counseling agency shall establish a board of directors whose function shall be to establish the policies of the agency. No more than 40 percent of the members of the board shall have as their principal employer any corporation, association or institution that offers credit to the general public.

(d) To be eligible for registration as a high-cost home loan credit counselor, an agency, including an agency licensed pursuant to the Debt Adjuster Act, shall be a non-affiliated third party nonprofit credit counseling agency approved by the United States Department of Housing and Urban Development.

N.J. Admin. Code § 3:25-2.1

New Rule, R.1997 d.336, effective 8/18/1997.
See: 29 N.J.R. 2500(a), 29 N.J.R. 3719(a).
Former section recodified to N.J.A.C. 3:25-2.3.
Amended by R.2004 d.81, effective 2/17/2004.
See: 35 N.J.R. 4187(a), 36 N.J.R. 943(a).
In (a), inserted "duly licensed in accordance with the Debt Adjuster Act and this chapter" following "credit counseling agency"; added a new (b); recodified former (b) as (c) and inserted "under the Debt Adjuster Act" following "To be eligible for a license"; added (d).
Amended by R.2008 d.203, effective 7/21/2008.
See: 40 N.J.R. 837(a), 40 N.J.R. 4311(a).
In (a), deleted "or provide credit counseling" from the end; and in (d), substituted "nonprofit" for "non-profit".