17:11C-65 - Maintenance of branch offices by business licensee - New Jersey Statutes

17:11C-65  Maintenance of branch offices by business licensee.

15.  a. A residential mortgage lender or residential mortgage broker that is a business licensee may maintain a branch office or offices.  The business licensee shall obtain a license for each branch office in this State and each branch office outside this State from which the licensee has direct contact with New Jersey consumers regarding origination or brokering.

b.The commissioner shall issue a branch office license for a residential mortgage lender or broker if:

(1)The business licensee has submitted a completed branch office application form, which includes any information required by the commissioner concerning the branch office, and an application fee pursuant to section 8 of this act;

(2)The application for the branch office demonstrates that the office is in a suitable location; and

(3)The application contains a certification that the office is covered by the business licensee's surety bond, required of that licensee pursuant to section 13 of this act.

L.2009, c.53, s.15.