17:16F-29 Licensure for mortgage servicer required; exceptions.
3. a. On and after the effective date of this act, no person shall act as a mortgage servicer, directly or indirectly, without first obtaining a license under section 4 of this act from the commissioner for its main office, which shall be designated by the mortgage servicer, and each branch office where business is conducted, unless the person is exempt from licensure pursuant to subsection b. of this section.
b. The following persons shall be exempt from mortgage servicer licensing requirements:
(1) any bank, out-of-state bank, credit union chartered in New Jersey, federal credit union, or out-of-state credit union, provided the bank or credit union is federally insured;
(2) any wholly-owned subsidiary of the bank or credit union;
(3) any operating subsidiary in situations in which each owner of the operating subsidiary is wholly owned by the same bank or credit union;
(4) any person licensed as a residential mortgage lender pursuant to the "New Jersey Residential Mortgage Lending Act," P.L.2009, c.53 (C.17:11C-51 through C.17:11C-89) while acting as a mortgage servicer, provided that:
(a) the person meets the supplemental mortgage servicer surety bond, fidelity bond, and errors and omissions coverage requirements under section 8 of this act; and
(b) during any period that the license of the residential mortgage lender in this State has been suspended, the exemption shall not be effective; and
(5) the New Jersey Housing and Mortgage Finance Agency.
c. The provisions of sections 9 through 12 of this act shall apply to any person, including a person exempt from licensure pursuant to subsection b. of this section, who acts as a mortgage servicer in this State on or after the effective date of this act.
L.2019, c.65, s.3.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.