New Jersey Statutes 17:11C-16. Net worth requirements for consumer lenders
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Terms Used In New Jersey Statutes 17:11C-16
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
16. a. Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer loans liquid assets of at least $100,000.
b. Every consumer lender shall have at all times a net worth of at least $100,000 and shall maintain at all times assets of at least $100,000 in liquid form available for or actually used in the making of consumer loans.
L.1996,c.157,s.16.