17:16C-2 - Necessity of license - New Jersey Statutes

17:16C-2.  Necessity of license    No person shall hereafter engage in or continue to engage in the business of  a sales finance company or in the business of a motor vehicle installment seller in this State without first obtaining a license from the commissioner as  provided for in this act;  provided, however, that no sales finance company  shall be required to obtain a license to engage in the business of a motor  vehicle installment seller for the purpose of disposing of any goods to which  it has obtained title as a result of legal or contract right under any retail  installment contract;  and provided, further, that any banking institution  authorized to do business in this State shall be authorized to transact  business as a sales finance company, subject to all of the provisions of this  act, except that it shall not be required to obtain a license or pay a license  fee hereunder.

     L.1960, c. 40, p. 145, s. 2.