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Can you summarize 3 NJAC Chapter 5?
BANKING > DEDICATED FUNDING ASSESSMENT
Short Summary
This subchapter of the New Jersey Administrative Code governs the funding mechanism for the Division of Banking in the Department of Banking and Insurance in New Jersey. It applies to depository institutions and other financial entities regulated by the Division of Banking, including banks, credit unions, mortgage lenders, consumer finance licensees, check cashers, money transmitters, pawnbrokers, home repair contractors, motor vehicle installment sellers, debt adjusters, high-cost home loan counselors, and foreclosure consultants. The subchapter has been amended to include additional entities such as home repair contractors, motor vehicle installment sellers, debt adjusters, high-cost home loan counselors, and foreclosure consultants. The document defines various terms used in the context of the dedicated funding assessment, including ‘Act’, ‘Application fees for licensees’, ‘Assessment’, and ‘Commissioner’. It also outlines the process for certification of expenses, distribution of assessments, calculation of base and volume assessments, filing objections, and collection of unpaid assessments. The document also mentions the exemption of regulated entities from certain fees and charges imposed by the Division, as well as penalties for improper reporting of information. No specific exemptions or penalties are mentioned in this subchapter.
Whom does it apply to?
Depository institutions, financial entities regulated by the Division of Banking, including banks, credit unions, mortgage lenders, consumer finance licensees, check cashers, money transmitters, pawnbrokers, home repair contractors, motor vehicle installment sellers, debt adjusters, high-cost home loan counselors, and foreclosure consultants
What does it govern?
Funding mechanism for the Division of Banking in the Department of Banking and Insurance in New Jersey
What are exemptions?
No specific exemptions are mentioned in this subchapter
What are the Penalties?
No specific penalties are mentioned in this subchapter
Jurisdiction
New Jersey