N.J. Admin. Code § 3:25-4.6

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

Section 3:25-4.6 - Continuing requirements for high-cost home loan credit counseling registrants

(a) By April 1st of each year, agencies registered as high-cost home loan credit counselors shall submit an annual report which shall contain:

1. A copy of their annual report most recently filed with the New Jersey Division of Revenue pursuant to 15A:4-5 or an equivalent report for non-New Jersey state nonprofit corporations with documentation attesting to their continuing status as a nonprofit corporation;

2. A certified list of the individuals who provide high cost home loan counseling on behalf of the agency attesting that those individuals are in compliance with the minimum requirements of 3:25-4.2;

3. A report, on a form approved by the Department, containing:

i. The numbers of loan-specific and alternate counseling certifications issued during the year being reported on;

ii. The lenders to whom those certifications were provided;

iii. The number of high-cost home loans reviewed; and

iv. The number of high-cost home loans reviewed on which certifications were not issued; and

4. A certified statement affirming their current status as a HUD-approved Housing Counseling Agency.

(b) If a high-cost home loan credit counselor loses the approval of the Department of Housing and Urban Development (HUD) as a Housing Counseling Agency, the counselor must inform the Department immediately and cease to engage in high-cost home loan credit counseling, including the issuance of any certifications with respect to high-cost home loans.

(c) Notice of the loss of HUD approval as a Housing Counseling Agency shall be provided to the Department in writing and directed to: New Jersey Department of Banking and Insurance

Office of Administration and Finance

Licensing Services Bureau

PO Box 473

Trenton, NJ 08625-0473

N.J. Admin. Code § 3:25-4.6

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)1, substituted "most recently" for "last" and "Division of Revenue" for "Secretary of State", updated the N.J.S.A. reference and inserted "state nonprofit"; and updated the address in (c).