New Jersey Statutes 17:16F-32. License not transferable or assignable; surrender; name change
Terms Used In New Jersey Statutes 17:16F-32
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Conviction: A judgement of guilt against a criminal defendant.
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
b. A mortgage servicer licensee may change the name of the licensee or address of any office specified on the most recent filing with the department if:
(1) at least 30 calendar days prior to the change, the licensee files the change with the department and, in the case of a main office or branch office, provides, directly to the commissioner, a bond rider or endorsement, or addendum, as applicable, to any bond or evidence of errors and omissions coverage on file with the commissioner that reflects the new name or address of the main office or branch office; and
(2) the commissioner does not disapprove the change, in writing, or request further information within the 30-day period.
c. The mortgage servicer licensee shall notify the department, in writing, not later than five business days after the licensee has reason to know of the occurrence of any of the following events:
(1) a material change of financial condition, filing for bankruptcy, or the consummation of a corporate restructuring, of the licensee;
(2) filing of a criminal indictment against the licensee or receiving notification of the filing of any criminal felony indictment or felony conviction of any of the licensee’s officers, directors, members, partners or shareholders owning ten percent or more of the outstanding stock;
(3) receiving notification of the institution of license denial, cease and desist, suspension or revocation procedures, or other formal or informal regulatory action by any governmental agency against the licensee and the reasons for the action;
(4) receiving notification of the initiation of any action by the Attorney General or the attorney general of any other state and the reasons for the action;
(5) suspension or termination of the licensee’s status as an approved seller or servicer by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association;
(6) receiving notification that certain servicing rights of the licensee will be rescinded or cancelled, and the reasons provided therefor;
(7) receiving notification of filing for bankruptcy of any of the licensee’s officers, directors, members, partners or shareholders owning ten percent or more of the outstanding stock of the licensee; or
(8) receiving notification of the initiation of a class action lawsuit on behalf of consumers against the licensee that is related to the operation of the licensed business.
L.2019, c.65, s.6.