N.J. Admin. Code § 13:47C-6.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:47C-6.3 - Claims

(a) Each customer (seller of precious metals) having a claim against a transient buyer shall file a verified claim in writing with the State Superintendent within 60 days. Failure to file within 60 days shall nullify the claim.

(b) If a customer has reduced his claim to a judgement, the judgement shall be presumptive proof of the amount due him.

(c) When the customer is the prevailing party and the surety shall not make payment of the amount decided, the State Superintendent shall bring an action at law to recover the amount necessary to satisfy the claim.

(d) The State Superintendent shall make distribution thereof to the claimants in accordance with the amounts determined to be due thereon, and if the bond is less than the total amount of awarded claims, distribution shall be made ratably to the claimants according to said amounts.

(e) Claims not filed with the bonding period or within 60 days of the termination of the bond shall not be received, acted upon or paid.

N.J. Admin. Code § 13:47C-6.3