Terms Used In New Jersey Statutes 17:11C-67

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
17. a. (1) The license for a residential mortgage lender or residential mortgage broker, and the license of a qualified individual licensee, shall state the name of the business licensee and the licensee’s place or places of business, as applicable, and shall contain any other information as the commissioner may require pursuant to regulation. A license shall not be issued in a name containing any words including “insured,” “bonded,” “guaranteed,” “secured” and the like. Notwithstanding the provisions of section 18 of P.L.1948, c.67 (C. 17:9A-18) or any other law to the contrary, a licensed residential mortgage lender or broker may use the terms “mortgage lender” or “mortgage broker,” respectively, as part of the licensee’s name; a licensed residential mortgage lender may also use the term “mortgage banker.”

(2) The license of the business licensee shall be posted conspicuously in the place or places of business of that licensee, and the license of any qualified individual licensee shall be maintained by that business licensee and available for public inspection at the business licensee’s place or places of business.

(3) A licensee or any other person shall not photocopy or otherwise reproduce the license except for legitimate business purposes or as required or permitted by the commissioner by regulation.

(4) Licenses issued to a business licensee pursuant to this act shall not be transferable or assignable, other than as provided by section 19 of this act.

(5) No business licensee shall change its name or the address of the business licensee’s place or places of business without notice to the commissioner in accordance with regulations as prescribed by the commissioner.

b. (1) The license for a mortgage loan originator shall state the name of the originator’s licensed or registered employer and shall contain such other information as the commissioner deems necessary.

(2) The license shall be maintained by the licensee and available for public inspection at the licensee’s place or places of business.

(3) A licensee or any other person shall not photocopy or otherwise reproduce the license except for legitimate business purposes or as required or permitted by the commissioner by regulation.

(4) No licensee shall change the name or address of the licensee’s place or places of business without notice to the commissioner, in accordance with regulations as prescribed by the commissioner.

L.2009, c.53, s.17; amended 2018, c.108, s.11.

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