New Jersey § 17:11c-82

§ 17:11c-82.

A residential mortgage lender shall, in connection with a secondary mortgage loan: a. Give to the borrower, without charge, a copy of every instrument, document or other

writing the borrower signs, and written evidence of any insurance obtained from the

licensee pursuant to section 23 of this act. 1 b. Give to the borrower, without charge, at the time the loan is made, if a closed-end

loan, and at the time of the first advance, if an open-end loan, a closing statement

which itemizes the individual amounts disbursed to or on behalf of the borrower, including,

but not limited to, the premium for insurance, if any, the total amount of funds so

disbursed, the amount of the interest charge, total amount of the loan, the amount,

number and due date of the installment payments and the interest charge expressed

as an annual percentage rate, as applicable. c. In the event a borrower's application for the secondary mortgage loan is denied,

notify the borrower, in writing, of that denial. The name of the denied borrower or a list of denied borrowers shall not be referred

by the licensee, in any manner whatsoever, to any other lender, retail seller of personal

property or services, or to any other person, whether in this State or any other state. d. If the secondary mortgage loan is not consummated, return all documents executed

by or belonging to the borrower. e. Whenever payment is made in cash on an account of the secondary mortgage loan,

give to the borrower, without charge, at the time that payment is actually received,

a written receipt which shall show the name and address of the licensee, the name

and address of the borrower, account number or other identification mark or symbol,

date and amount paid. f. When the loan, if a closed-end loan, is paid in full, or when the loan, if an open-end

loan, is paid in full and the borrower has notified the licensee in writing to discontinue

his account with the licensee: (1) Refund or credit to the borrower, in accordance with regulations promulgated by

the commissioner, any unearned portion of the premium for any insurance, if a premium

for the insurance was disbursed on behalf of the borrower at the time the secondary

mortgage loan was originally made. (2) Stamp or write on the face of the promissory note or loan agreement evidencing

the borrower's secondary mortgage loan indebtedness “Paid in Full” or “Canceled,”

the date paid and the name and address of the licensee and, within 45 days, return

the promissory note or loan agreement to the borrower. (3) Release any lien on real property and cancel the same of record pursuant to P.L.1975,

c. 137 ( C.46:18-11.2 et seq. ), and, at the time the promissory note or loan agreement evidencing the borrower's

secondary mortgage loan indebtedness is returned, deliver to the borrower any good

and sufficient assignments, releases or any other certificate, instrument or document

as may be necessary to vest the borrower with complete evidence of title, insofar

as the applicable secondary mortgage loan is concerned, to the real property, except

that the licensee may require the borrower to pay any charge imposed upon the licensee

by a county recording officer to effect the cancellation or release. 1

N.J.S.A. § 17:11C-73.