New Jersey § 17:11c-52

§ 17:11c-52.

The Legislature finds and declares that the activities of residential mortgage lenders

and residential mortgage brokers, previously licensed in New Jersey as mortgage bankers,

correspondent mortgage bankers, mortgage brokers, and secondary lenders in the secondary

mortgage loan business, and mortgage loan originators, previously registered in this

State as mortgage solicitors, and the origination or offering of financing for residential

real property, have a direct, valuable and immediate impact upon the State's consumers,

economy, neighborhoods and communities, and the housing and real estate industry. The Legislature also finds and declares that accessibility to mortgage credit is

vital to the State's citizens. The Legislature further finds and declares that it is essential for the protection

of the citizens and the stability of the economy that reasonable standards for licensing

and regulation of the business practices of residential mortgage lenders, brokers,

and mortgage loan originators, formerly established under the “New Jersey Licensed

Lenders Act,” sections 1 through 49 of P.L.1996, c. 157 ( C.17:11C-1 et seq. ), be modernized, particularly in response to new licensing and business practice

standards set forth under the federal “Secure and Fair Enforcement for Mortgage Licensing

Act of 2008,” title V of Pub.L.110-289 ( 12 U.S.C. s.5101 et seq. ); and that the obligations of these licensees to consumers in connection with originating

or making residential mortgage loans are of such importance as to warrant updating

the State's regulation of the mortgage lending process. Thus, the Legislature finds and declares that the intent of this act, the “New Jersey

Residential Mortgage Lending Act,” is to protect consumers seeking mortgage loans

and to ensure that the mortgage lending industry operates without unfair, deceptive,

and fraudulent practices by establishing, in coordination with the provisions of the

federal “Secure and Fair Enforcement for Mortgage Licensing Act of 2008” and the Nationwide

Mortgage Licensing System and Registry, a revised system of licensing, supervision

and enforcement, and by providing the Department of Banking and Insurance and its

commissioner broad administrative authority to oversee the operation of the mortgage

lending industry in this State.