New Jersey Statutes 46:3B-5. Certificate of registration; application; fee; issuance; duration; conditions
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Terms Used In New Jersey Statutes 46:3B-5
- 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.
- 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.
No builder shall engage in the business of constructing new homes unless he is registered with the department. The department shall provide application forms for such registration and shall prescribe the information to be included therein. Each application shall be accompanied by a reasonable fee, prescribed by the commissioner, and proof, satisfactory to the commissioner, of participation in the new home warranty security fund or an approved alternate new home warranty security program. Upon receipt of the above, the department shall issue a certificate of registration.
Each certificate of registration shall be valid for a period of 2 years from the date of issue and may be renewed for additional 2-year periods.
As a condition for the registration, a builder shall be required to participate in the new home warranty security fund or an approved alternate new home warranty security program.
No corporation, partnership or other business organization shall be entitled to registration hereunder, nor shall they engage in the construction of new homes unless a stockholder, director, officer, partner, or employee thereof, as the case may be, shall be a registered builder.
L.1977, c. 467, s. 5.