New Jersey Statutes 17:46B-1.1. Definitions
Terms Used In New Jersey Statutes 17:46B-1.1
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
“Title search business entity” means any person or entity organized under the laws of this State or another state for the primary purpose of determining the existence of any lien, lawsuit, lease, easement, mortgage or other encumbrance or restriction, or ownership interest, on any property and regularly conducts business with any title insurance company or title insurance agent as defined in section 1 of P.L.1975, c.106 (C. 17:46B-1).
b. A title search business entity conducting business in this State shall register with and be subject to regulation by the Department of Banking and Insurance. The business entities shall also register with the Division of Revenue and Enterprise Services in the Department of the Treasury, or the county clerk, as appropriate.
c. The Commissioner of Banking and Insurance may issue rules and regulations necessary to effectuate the purposes of this section. The rules and regulations shall be effective immediately upon filing with the Office of Administrative Law for a period not to exceed 18 months and may, thereafter, be amended, adopted, or readopted in accordance with the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.).
L.2021, c.371, s.4.