New Jersey Statutes 17:11C-11. Issuance, surrender, expiration of license
Terms Used In New Jersey Statutes 17:11C-11
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
(2) A licensee may surrender any license by delivering to the commissioner written notice that the license is surrendered, along with the license, and complying with any regulation set forth by the commissioner concerning the license surrender, but the surrender shall not affect the licensee’s civil or criminal liability for an act committed prior to the surrender.
b. (Deleted by amendment, P.L.2007, c.81).
c. (Deleted by amendment, P.L.2009, c.53)
d. Each mortgage banker, correspondent mortgage banker, mortgage broker, and secondary lender license, and each mortgage solicitor registration issued pursuant to the provisions of the “New Jersey Licensed Lenders Act,” sections 1 through 49 of P.L.1996, c.157 (C. 17:11C-1 et seq.), prior to the effective date of its reform and re-titling as the “New Jersey Consumer Finance Licensing Act” pursuant to P.L.2009, c.53 (C. 17:11C-51 et al.), shall expire in accordance with the following schedule:
(1) For any license or registration issued before the effective date of the “New Jersey Residential Mortgage Lending Act,” sections 1 through 39 of P.L.2009, c.53 (C. 17:11C-51 et seq.), the license or registration shall expire on June 30, 2009.
(2) For any license or registration issued on or after July 1, 2009:
(a) the license or registration shall expire on July 31, 2010, or a later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508 of the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” Pub.L.110-289 (12 U.S.C. § 5107); and
(b) this date may be further modified by the commissioner pursuant to regulation or order, based upon any later date approved by the Secretary of the United States Department of Housing and Urban Development pursuant to the provisions of section 1508 of the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” Pub.L.110-289 (12 U.S.C. § 5107), providing a temporary deadline extension with respect to complying with the licensing requirements for states established pursuant to the provisions of the federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” title V of Pub.L.110-289 (12 U.S.C. § 5101 et seq.).
(3) Thereafter, the person licensed or registered shall only continue to engage in any activities for which the license or registration was previously issued if licensed under the “New Jersey Residential Mortgage Lending Act,” sections 1 through 39 of P.L.2009, c.53 (C. 17:11C-51 et seq.).
L.1996, c.157, s.11; amended 2007, c.81, s.9; 2009, c.53, s.47.