New Jersey § 17:11c-18

§ 17:11c-18.

The commissioner's authority with respect to issuing consumer lender and sales finance

company licenses, and with respect to oversight of licensees and enforcement of the

activities regulated under the “ New Jersey Consumer Finance Licensing Act ” shall include the following: a. The commissioner may refuse to issue and may revoke, suspend or refuse to renew

a license , or impose a penalty pursuant to this act, if the commissioner finds, after notice and an opportunity for a hearing in accordance

with the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ) and any rules adopted thereunder, that any person, applicant for or holder of the

license has: (1) Violated any of the provisions of this act or any order, rule or regulation made

or issued pursuant to this act; (2) Failed at any time to meet the requirements for licensure, or withheld information or made a material misstatement in the application for the license; (3) Been convicted of an offense involving breach of trust, moral turpitude or fraudulent

or dishonest dealing, or had a final judgment entered against the person in a civil or administrative action upon grounds of fraud, misrepresentation , or deceit , or failure to maintain books, accounts, records and other documents as required

by section 19 of P.L.1996, c. 157 ( C.17:11C-19 ) ; (4) Become insolvent, or failed to attain or maintain the required net worth; (5) Demonstrated unworthiness, incompetence, bad faith or dishonesty in the transaction

of business as a licensee; or (6) Engaged in any other conduct which would be deemed by the commissioner to be the

cause for denial , revocation, suspension, or refusal of the license or license renewal . b. A license may be suspended , revoked , or not renewed by the commissioner if any officer, director , partner, or owner of the licensee has committed any act which would be cause for suspending , revoking or not renewing a license if issued to that person as an individual. c. If the license is suspended or revoked pursuant to subsection b. of this section , the license shall remain suspended or revoked , unless within the time fixed by the commissioner, in the case of a partnership,

the connection therewith of the offending individual shall be severed and that individual's interest in the partnership and share in its activities brought to an end, or in

the case of an association, corporation, or other legal entity, the offending individual shall be discharged and shall have no further participation in the legal entity's activities . In the case of an offending individual who is an officer or director of the corporation or other legal entity, that individual shall be required to fully divest himself of all stock, bonds or other corporate holdings. d. (Deleted by amendment, P.L.2009, c. 53 ) e. (Deleted by amendment, P.L.2009, c. 53 ) f. The commissioner may access and examine books, accounts, records and other documents

maintained by a consumer lender or sales finance company licensee pursuant to section

19 of P.L.1996, c. 157 ( C.17:11C-19 ). g. The commissioner may conduct investigations, which may include the subpoena of

witnesses and documents, pursuant to section 42 of P.L.1996, c. 157 ( C.17:11C-42 ). h. Whenever it appears to the commissioner that any person has engaged, is engaging,

or is about to engage, in any practice or transaction prohibited by the “New Jersey

Consumer Finance Licensing Act,” sections 1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ), the commissioner may, in addition to any other remedy available, bring a summary

action in a court of competent jurisdiction against the person, and any other person

concerned or in any way participating in or about to participate in a practice or

transaction in violation of the “New Jersey Consumer Finance Licensing Act,” sections

1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ), to enjoin the person from continuing the practice or transaction engaged, or from

engaging in the practice or transaction, or doing any act in furtherance of engaging

in the practice or transaction. i. The commissioner may impose a civil penalty not exceeding $25,000 on any person

for a violation of the “New Jersey Consumer Finance Licensing Act,” sections 1 through

49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ). Each violation of the act, including any order, rule or regulation made or issued

pursuant to the act, shall constitute a separate offense. Additionally, each violation which constitutes a knowing violation shall be considered

a crime of the third degree. j. The commissioner may order that any person who has been found to have knowingly

violated any provision of the “New Jersey Consumer Finance Licensing Act,” sections

1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ), or of the rules and regulations issued pursuant thereto, and has thereby caused

financial harm to consumers, be barred for a term not exceeding 10 years from acting

as a consumer lender or sales finance company, or a stockholder, or an officer, director,

partner or other owner, or an employee of a consumer lender or sales finance company

licensee, or acting in any other capacity pursuant to the “New Jersey Consumer Finance

Licensing Act,” sections 1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ). Violations of this final order shall be considered a crime of the third degree.