N.J. Admin. Code § 3:5-5.1

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

Section 3:5-5.1 - Maximum assessment

(a) The total amount assessable to regulated entities in any fiscal year for the purposes of this subchapter shall not exceed the lesser of:

1. The total amount of expenses incurred by the State in connection with the administration of the special functions of the Division during the preceding fiscal year as ascertained by the Director of the Division of Budget and Accounting in the Department of the Treasury, on or before August 15 in each year, and certified to the Commissioner by category pursuant to 3:5-3.1; or

2. .0001084 times the sum of:

i. The average total assets for State-chartered banks, savings banks, and savings and loan associations for the preceding five calendar years' data, excluding the two most recent calendar years; plus

ii. The total average loan volume for residential mortgage loans closed by licensed lenders pursuant to the New Jersey Licensed Lenders Act, P.L. 1996, c. 157 (17:11C-1 et seq.) and business licensees under the New Jersey Residential Mortgage Lending Act, 17:11C-51 et seq., for the preceding five calendar years' data, excluding the two most recent calendar years.

N.J. Admin. Code § 3:5-5.1

Amended by R.2007 d.306, effective 10/1/2007.
See: 39 N.J.R. 2299(a), 39 N.J.R. 4111(a).
Rewrote (a)2.
Administrative correction.
See: 39 N.J.R. 4923(a).
Amended by R.2011 d.294, effective 12/19/2011.
See: 43 N.J.R. 1629(a), 43 N.J.R. 3331(a).
In (a)2ii, inserted "and business licensees under the New Jersey Residential Mortgage Lending Act, N.J.S.A. 17:11C-51 et seq.,".