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2020 New Jersey Revised Statutes
Title 17 - Corporations and Institutions for Finance and Insurance
Section 17:11C-16 - Net worth requirements for consumer lenders
Universal Citation: NJ Rev Stat § 17:11C-16 (2020)
17:11C-16. Net worth requirements for consumer lenders
16. a. Every applicant for a license as a consumer lender shall prove in a form satisfactory to the commissioner, that the applicant has a net worth of at least $100,000, and has available for the purpose of making consumer loans liquid assets of at least $100,000.
b. Every consumer lender shall have at all times a net worth of at least $100,000 and shall maintain at all times assets of at least $100,000 in liquid form available for or actually used in the making of consumer loans.
L.1996,c.157,s.16.
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