New Jersey Statutes 17:11C-18. Commissioner’s authority relative to issuance, revocation, oversight of licenses, enforcement
Attorney's Note
Under the New Jersey Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| crime of the third degree | between 3 and 5 years | up to $15,000 |
Terms Used In New Jersey Statutes 17:11C-18
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Oversight: Committee review of the activities of a Federal agency or program.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Subpoena: A command to a witness to appear and give testimony.
a. The commissioner may refuse to issue and may revoke, suspend or refuse to renew a license, or impose a penalty pursuant to this act, if the commissioner finds, after notice and an opportunity for a hearing in accordance with the “Administrative Procedure Act,” P.L.1968, c. 410 (C. 52:14B-1 et seq.) and any rules adopted thereunder, that any person, applicant for or holder of the license has:
(1) Violated any of the provisions of this act or any order, rule or regulation made or issued pursuant to this act;
(2) Failed at any time to meet the requirements for licensure, or withheld information or made a material misstatement in the application for the license;
(3) Been convicted of an offense involving breach of trust, moral turpitude or fraudulent or dishonest dealing, or had a final judgment entered against the person in a civil or administrative action upon grounds of fraud, misrepresentation, or deceit, or failure to maintain books, accounts, records and other documents as required by section 19 of P.L.1996, c.157 (C. 17:11C-19);
(4) Become insolvent, or failed to attain or maintain the required net worth;
(5) Demonstrated unworthiness, incompetence, bad faith or dishonesty in the transaction of business as a licensee; or
(6) Engaged in any other conduct which would be deemed by the commissioner to be the cause for denial, revocation, suspension, or refusal of the license or license renewal.
b. A license may be suspended, revoked, or not renewed by the commissioner if any officer, director, partner, or owner of the licensee has committed any act which would be cause for suspending, revoking or not renewing a license if issued to that person as an individual.
c. If the license is suspended or revoked pursuant to subsection b. of this section, the license shall remain suspended or revoked, unless within the time fixed by the commissioner, in the case of a partnership, the connection therewith of the offending individual shall be severed and that individual’s interest in the partnership and share in its activities brought to an end, or in the case of an association, corporation, or other legal entity, the offending individual shall be discharged and shall have no further participation in the legal entity’s activities. In the case of an offending individual who is an officer or director of the corporation or other legal entity, that individual shall be required to fully divest himself of all stock, bonds or other corporate holdings.
d. (Deleted by amendment, P.L.2009, c.53)
e. (Deleted by amendment, P.L.2009, c.53)
f. The commissioner may access and examine books, accounts, records and other documents maintained by a consumer lender or sales finance company licensee pursuant to section 19 of P.L.1996, c.157 (C. 17:11C-19).
g. The commissioner may conduct investigations, which may include the subpoena of witnesses and documents, pursuant to section 42 of P.L.1996, c.157 (C. 17:11C-42).
h. Whenever it appears to the commissioner that any person has engaged, is engaging, or is about to engage, in any practice or transaction prohibited by the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.), the commissioner may, in addition to any other remedy available, bring a summary action in a court of competent jurisdiction against the person, and any other person concerned or in any way participating in or about to participate in a practice or transaction in violation of the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.), to enjoin the person from continuing the practice or transaction engaged, or from engaging in the practice or transaction, or doing any act in furtherance of engaging in the practice or transaction.
i. The commissioner may impose a civil penalty not exceeding $25,000 on any person for a violation of the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.). Each violation of the act, including any order, rule or regulation made or issued pursuant to the act, shall constitute a separate offense. Additionally, each violation which constitutes a knowing violation shall be considered a crime of the third degree.
j. The commissioner may order that any person who has been found to have knowingly violated any provision of the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.), or of the rules and regulations issued pursuant thereto, and has thereby caused financial harm to consumers, be barred for a term not exceeding 10 years from acting as a consumer lender or sales finance company, or a stockholder, or an officer, director, partner or other owner, or an employee of a consumer lender or sales finance company licensee, or acting in any other capacity pursuant to the “New Jersey Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.). Violations of this final order shall be considered a crime of the third degree.
L.1996, c.157, s.18; amended 2009, c.53, s.50.