2021 New Jersey Revised Statutes
Title 17 - Corporations and Institutions for Finance and Insurance
Section 17:11C-65 - Maintenance of branch offices; manager.

17:11C-65 Maintenance of branch offices; manager.

15. a. A residential mortgage lender or residential mortgage broker that is a business licensee may maintain a branch office or offices. The business licensee shall obtain a license for each branch office in this State and each branch office outside this State from which the licensee has direct contact with New Jersey consumers regarding origination or brokering.

b. The commissioner shall issue a branch office license for a residential mortgage lender or broker if:

(1) The business licensee has submitted a completed branch office application form, which includes any information required by the commissioner concerning the branch office, and an application fee pursuant to section 8 of this act;

(2) The application for the branch office demonstrates that the office is in a suitable location; and

(3) The application contains a certification that the office is covered by the business licensee's surety bond, required of that licensee pursuant to section 13 of this act.

c. Each branch office shall be under the supervision of a branch manager. A branch manager shall supervise only one branch office at any given time except as may be permitted by the commissioner in accordance with applicable rules. In order to act in the capacity as a branch manager, an individual shall either possess a mortgage loan originator license or, if unlicensed, the qualified individual licensee of the business licensee shall certify that when acting in the capacity of a branch manager the unlicensed individual shall not engage in any activity that would require licensure as a mortgage loan originator.

L.2009, c.53, s.15; amended 2018, c.108, s.10.