New Jersey § 17:11c-64
Full text of New Jersey New Jersey Statutes § 17:11c-64, with citation guidance and answers to common questions.
§ 17:11c-64.
a. (1) Each applicant for a business license as a residential mortgage lender shall
demonstrate that it has tangible net worth of at least $250,000, except that an applicant
for a business license as a correspondent mortgage lender shall demonstrate that it
has a tangible net worth of at least $150,000. Each applicant for a business license as a residential mortgage broker shall demonstrate
that it has tangible net worth of at least $50,000. (2) Each licensed residential mortgage lender that is a business licensee shall maintain
at all times tangible net worth of at least $250,000, except that a correspondent
mortgage lender that is a business licensee shall maintain at all times tangible net
worth of at least $150,000. Each licensed residential mortgage broker that is a business licensee shall maintain
at all times tangible net worth of at least $50,000. (3) The commissioner may by regulation: (a) define the term “tangible net worth”; (b) establish standards for determining compliance with the tangible net worth requirements
of this section; and (c) determine any remedial action, as authorized pursuant to section 20 of this act,
including suspension of a license, for failure to comply with these tangible net worth
requirements. b. The commissioner may, by regulation, require that a business licensee demonstrate
to the satisfaction of the commissioner that it has adequate means to fund loans through
lines of credit, or otherwise.
Frequently Asked Questions About New Jersey § 17:11c-64
What does New Jersey Statutes § 17:11c-64 cover?
Section 17:11c-64 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:11c-64?
A common citation format is "New Jersey Statutes § 17:11c-64" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:11c-64 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.