New Jersey § 17:11c-85

§ 17:11c-85.

a. (1) Every residential mortgage lender and residential mortgage broker shall annually

file a report with the commissioner, which shall set forth any information as the

commissioner shall require concerning the business conducted as a licensee during

the preceding calendar year. The report shall be under oath and in a form and within the time specified by the

commissioner by regulation. (2) Every residential mortgage lender and broker shall additionally submit to the

Nationwide Mortgage Licensing System and Registry a mortgage call report of condition,

in the form and manner, and with any information, at any time as may be required by

that nationwide system and registry, and any other report to, or through, the nationwide

system and registry pursuant to an arrangement for reporting and sharing information

as set forth in subsection b. of section 12 of this act. 1 b. Any negligently made false statement or knowing omission of material fact in connection

with any report or supporting information filed with the commissioner, the nationwide

mortgage licensing system and registry, or through that nationwide mortgage licensing

system and registry with any federal or state agency, shall be deemed a violation

of this act. c. A licensee that fails to make and file its annual report with the commissioner,

or any report with or through the nationwide system and registry, in the form and

within the time provided in this section, shall be subject to a penalty payable to

the commissioner of not more than $100 for each day's failure concerning the annual

report, and any penalty for a failure concerning a report to be filed with or through

the nationwide system and registry, payable to the nationwide system and registry,

and the commissioner, as authorized pursuant to section 20 of this act, 2 may revoke or suspend the licensee's authority to do business in this State. The penalty may be collected in a summary proceeding pursuant to the “Penalty Enforcement

Law of 1999,” P.L.1999, c. 274 ( C.2A:58-10 et seq. ). A warrant may issue in lieu of a summons. 1

N.J.S.A. § 17:11C-62. 2

N.J.S.A. § 17:11C-70.