N.J. Admin. Code § 3:25-4.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:25-4.1 - Certification of receipt of high-cost home loan counseling

(a) Registered high-cost home loan credit counselors shall certify on a form approved by the Department that the consumer has received counseling on a high-cost home loan provided in accordance with the Home Ownership Security Act and the minimum standards set forth in 3:25-4.2.

(b) The certification shall include, but not be limited to:

1. The names of the borrower and of the individual who provided the counseling;

2. The time and manner of the consultation, indicating whether the consultation occurred in person, by telephone, on the Internet, or by other identified means;

3. The length of time of the consultation;

4. The name of the prospective lender;

5. The amount, term, interest rate, annual percentage rate ("APR"), points and fees of the prospective loan;

6. A statement that the advice given by the counselor meets or exceeds the standards required by this chapter;

7. The topics discussed;

8. The dated signatures of both the individual who provided the counseling and the consumer;

9. A statement that the high-cost home loan credit counselor is not affiliated with any high-cost home loan lender and is a non-affiliated third party agency as defined in 3:25-1.1; and

10. Information disclosing whether a fee has been paid to the high-cost home loan credit counselor for providing counseling to the particular borrower named on the certification and, if so, the amount of the fee and the identity of the payor.

(c) A high-cost home loan credit counselor shall not issue a certification if all counseling required by 46:10B-26 and this subchapter has not been provided.

N.J. Admin. Code § 3:25-4.1

Amended by R.2009 d.322, effective 10/19/2009.
See: 41 N.J.R. 2370(a), 41 N.J.R. 3897(a).
In (b)2, substituted "manner" for "place" and inserted ", indicating whether the consultation occurred in person, by telephone, on the Internet, or by other identified means".