Terms Used In New Jersey Statutes 17:46B-63

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
2. a. Notwithstanding the provisions of this act nothing herein shall prevent a consumer from exercising their free choice in the selection of the title or settlement services company of their choosing. Any agreement by a consumer to use the services of a title or settlement service company shall be subject to the attorney review, if any, which is part of the contract for sale of real estate and may be revoked in the same manner as provided in the contract for the sale of real estate.

b. A person who violates the provisions of this section shall be:

(1) for a first violation, subject to a 90-day business license suspension;

(2) for a second violation:

(a) subject to a 180-day business license suspension; and

(b) liable to a penalty of not more than $1,000 for each violation; and

(3) for a third and any subsequent violation:

(a) subject to a one-year business license suspension; and

(b) liable to a penalty of not more than $2,500 for each violation.

L.2021, c.397, s.2.

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