16. Student loan servicer licensees shall be assessed annually an amount sufficient to cover annual costs of the implementation of this act. Assessments shall be effectuated in accordance with P.L.2005, c.199 (C. 17:1C-33 et seq.) as amended by P.L.2019, c.200 (C. 17:16ZZ-1 et al.), and its implementing rules. Moneys collected from license fees, inspections, or violations pursuant to this act shall be expended by the commissioner for the purpose of administering the provisions of this act.

L.2019, c.200, s.16.